Blue Ocean hotel sells for $2.5M

TRD MIAMI /
May.May 16, 2011 05:32 PM
The Blue Ocean hotel and Susan Gale of the Susan Gale Group

The Blue Ocean hotel in South Beach has been sold for $2.5 million. The 8,400-square-foot hotel was originally built in 1941 and underwent a series of renovations in the last 10 years. The sale of the 29-room property represented an average price of $86,206 per room.

The two-story hotel, which is located at 334 Ocean Drive, between 3rd and 4th streets, was originally listed for $7 million.

The buyer was Hilma, a limited liability corporation based in Mexico City, according to Susan Gale of the Susan Gale Group, who was the only broker in the deal.

“They’ve been looking at it for about a year,” she said. “They’re ultimately going to completely gut-renovate it and turn it into something fabulous.”

The seller was Blue Ocean Corp., which has Maria Marando listed as its registered agent, according to the Florida Division of Corporations. The Mirando family has owned the hotel for a number of years, Gale said.

South Beach has seen a trend of hoteliers renovating small, boutique properties, especially near the South of Fifth neighborhood.

For example, The Fashionhaus Hotel opened on Washington Avenue in January following the debut of the Sense Hotel and the refurbished Villa Italia, which also opened in January after a lengthy renovation.

In addition, restaurateur Myles Chefetz of Prime 112 and Prime Italian opened the Prime Hotel last year. The Prime, Villa Italia and Sense were all designed by Italian architect Luigi Vitalini.

Two other small hotels, the Dream South Beach and the Hotel Breakwater, are slated to open soon in the area.


Related Articles

arrow_forward_ios
Ocean Drive after most visitors have checked out of their hotels in a citywide effort to contain COVID-19. (Credit: Joe Raedle/Getty Images)

How badly are SoFla retailers and hotels suffering from Covid-19?

How badly are SoFla retailers and hotels suffering from Covid-19?
Jim Nikopoulos, 107 West Bear’s Club Drive (Credit: Google Maps)

Retired Canadian finance exec sells Bear’s Club estate at a loss

Retired Canadian finance exec sells Bear’s Club estate at a loss
Alan Lieberman with Chesterfield Hotel South Beach at 855 Collins Avenue and Riviera Loft Hotel at 2000 Liberty Avenue

Alan Lieberman’s South Beach Hotel Group lays off 700

Alan Lieberman’s South Beach Hotel Group lays off 700
Fontainebleau Miami Beach (Top), Diplomat (Left), and Boca Raton Resort (Right)

SoFla hotels face $4B CMBS debt exposure

SoFla hotels face $4B CMBS debt exposure
1310 West Lantana Road

Motel 6 in Lantana sells to Hare Krishna company for $6M

Motel 6 in Lantana sells to Hare Krishna company for $6M
Javier Rabinovich and 2301 Southwest 12 Avenue (Credit: Google Maps)

Privé Group snags hotel near Fort Lauderdale airport for $17M

Privé Group snags hotel near Fort Lauderdale airport for $17M
Tom Gores of Platinum Equity and Naveen Shah of Blue Sky Hospitality with 661 Northwest 53rd Street

Embassy Suites in Boca sells for $30M

Embassy Suites in Boca sells for $30M
From left: Suril Shah, Barry Sternlich, and 14501 Hotel Road (Credit: Hilton)

Former Starwood exec drops $22M for Hilton hotel in Miramar

Former Starwood exec drops $22M for Hilton hotel in Miramar
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...