Blue Ocean hotel sells for $2.5M

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
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps)

Starwood scores $265M refi for portfolio of InTown, Uptown hotels

Starwood scores $265M refi for portfolio of InTown, Uptown hotels
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Miami Beach approves zoning change allowing for Aman tower

Miami Beach approves zoning change allowing for Aman tower
arrow_forward_ios

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

Loading...