The Real Deal Miami

Witkoff Group buys South Beach hotel for $25M

April 16, 2013 03:00PM

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Former Wyndham Garden Hotel Miami South Beach

New York real estate developer the Witkoff Group purchased the former Wyndham Garden Hotel Miami South Beach from the Majestic Organization for $25.5 million, Law360 reported. CBRE, which represented the buyer, announced the sale yesterday.

The five-building, 133-room property, located at 1050 Washington Avenue in Miami Beach, is operated by Trust Hospitality and includes a restaurant, bar, terrace and a large pool deck.  Christian Charre, the senior vice president of CBRE Hotels in Miami, was part of the team that represented Witkoff Group in the deal. 

“The demand for hotels in South Beach continues to increase with more institutional investors seeking opportunities in the market,” Charre said. “This was a great opportunity to acquire a unique piece of real estate in a prime location.”

The art deco-designed hotel is under the protection of the Miami Beach Historic Preservation Board. The hotel underwent a $5.5 million renovation before becoming part of the Wyndham franchise in 2010.

The Witkoff Group owns the Woolworth building in New York City as well as residential real estate in Philadelphia, Chicago, Detroit and other places, Law360 said. [Law 360]Evan Bleier

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