Royal Stays Miami has purchased four buildings with 31 units in South Beach for a combined $12.5 million, with plans to operate them as short-term rentals.
The Miami Beach-based company purchased the portfolio in late December, effectively doubling its vacation rental operating portfolio, Tal Alon, general manager of Royal Stays told The Real Deal.
The properties are among just eight buildings in the Flamingo Park neighborhood that are grandfathered in to allow legal short term rentals, he said.
The buildings, featuring one- to four-bedroom units, include:
- Courtyard, 1536 Jefferson Avenue
- L’etoile, 1534 Euclid Avenue
- Casa Gaby, 1032 Michigan Avenue
- and Hispanola House, 1440 Pennsylvania Avenue
Royal Stays plans to renovate the Art Deco buildings within the next year, with porcelain flooring, updated bathrooms and kitchens and and furnishings, Alon said.
The hotel and vacation rental company, owned by New York-based investor Yedidiah Buchwald, currently operates several vacation rentals throughout South Beach and Brickell in condo-hotel buildings. The company also operates the 12-unit Boutique 18 hotel at 235 18th Street in Miami Beach.
In addition, Royal Stays Miami is renovating a 50,000 square foot building at 2115 Washington Avenue in Miami Beach, which will be called the Hotel Belleza. The 81-room apartment-hotel will have some rooms that are able to be combined into larger two-bedroom and three-bedroom suites. Plans are to open in the next three to six moths, Alon said
“Our goal as a company,” he said, “is to give travelers several different options in South Beach to rent legal short term rentals.”