Patrick Melton & Jordan Phillips Of South Street Partners Acquire 249-Key Hotel In Sunny Isles Beach
17315 Collins Avenue
Building Size
—
Asset Type
—
Closing
May 26, 2026
About this deal
AI
The asset involved in the transaction is a hotel located at 17315 Collins Avenue, Sunny Isles Beach, FL, consisting of 249 keys. This property is a beachfront condominium hotel managed by Noble House Resorts, providing a coastal resort experience in a prominent market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Not specified
- Address: 17315 Collins Avenue
- Market: Sunny Isles Beach, FL
- Keys: 249
- Buyer: Patrick Melton & Jordan Phillips - South Street Partners
Patrick Melton and Jordan Phillips, representing South Street Partners, have acquired the property to enhance their South Florida hospitality portfolio. Plans are in place to upgrade the guestrooms and common areas of the hotel, reflecting the firm’s strategy to capitalize on growth in the Sunny Isles and Miami Beach hospitality market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93