The Chetrit Group has sold an apartment hotel in Miami Beach to its operator for $ 42 million, The Real Deal has learned.
According to a source, Royal Stays Miami, under the direction of Yedidiah Buchwald, acquired the 104-key property at 1000, 1020 and 1030 Collins Avenues. Royal Stays has been operating the property under a lease agreement since 2018.
The deal amounts to nearly $ 404,000 per room.
The buyer funded the acquisition with a $ 28 million loan from Maxim Capital Group, brokered by Meridian Capital Group. Maxim Capital Group declined to comment.
Chetrit subsidiary CG Fairwinds LLC paid $ 14.5 million in 2012 to build the three parcels, according to ownership documents. The buildings were developed in 1936 and renovated before the pandemic. You are sitting on a 0.7 acre property.
The art deco hotel has a rooftop pool, pool bar and lounge, coffee shop and coffee shop, according to its website.
Last month, Optimum Development USA sold the nearby Celino South Beach hotel complex on 640 Ocean Drive to a hospitality fund owned by the CGI Merchant Group, of which Alex Rodriguez is one of its investors.
Chetrit, led by Joseph Chetrit, was active in Miami and Miami Beach. The New York-based company recently secured a $ 62.5 million loan, also from Maxim Capital Group, for the long-planned redevelopment of the Collins Park hotel in Miami Beach.
In July, Chetrit’s new lender for another Miami Beach property, the closed Tides South Beach Hotel, alleged in a foreclosure lawsuit that Chetrit stole $ 2 million in insurance funds related to damage.
Earlier this year, Chetrit sold a multi-family portfolio of nearly 5,500 units in Florida, Indiana, Kentucky, Ohio, and Pennsylvania for $ 390 million, likely freeing up capital for the investment and development company.