Atilay Uslu Of Corendon Hotels & Resorts Acquires Two Miami Beach Hotels For $50M

The transaction involves the sale of two Art Deco hotels located on Collins Avenue in Miami Beach, FL. The properties are the Aloha Friday’s at 944 Collins Avenue and the Beach Plaza Hotel at 1401 Collins Avenue. The combined sale price for the hotels amounted to $50,000,000, with a total of 192 keys. The total square footage of the properties is 51,780, resulting in a price per key of $260,417 and a price per square foot of $966.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $50,000,000
• Buyer: Atilay Uslu
• Buyer Agent: Corendon Hotels & Resorts
• Seller: Adam Nadler
• Seller Agent: Jennifer Jin - Berkadia
• Total Keys: 192
• Square Footage: 51,780
• Price per Key: $260,417
• Price per Square Foot: $966

Corendon Hotels & Resorts, represented by Atilay Uslu, entered the U.S. market through this acquisition. Jennifer Jin from Berkadia acted as the broker representing the seller, Adam Nadler, in this transaction. The hotels have been rebranded as Corendon South Beach Miami and Corendon Beach Plaza – South Beach Miami following the sale.