The Lido Park hotel in Miami Beach has been sold for $3.5 million, according to broker Susan Gale of the Susan Gale Group, who was the only broker on the deal
The 13,600-square-foot property, which was first built in 1934, had been undergoing a series of capital improvements by its owner, a native of France, Gale said.
“[Miami Beach] is a very good [hotel] market,” said Gale, whose firm’s hospitality division has handled three hotel transactions in the last six months, including the Blue Ocean in Miami Beach.
The buyer, whose name was not disclosed, is Colombian, and intends to position the property as a four-star art hotel, with its location at 2216 Park Avenue, a few blocks from Miami Beach’s Bass Museum of Art.
Several million dollars in further improvements are planned, according to Gale.
The deal is part of renewed investment in Miami Beach’s hotel market, particularly those in smaller size ranges.
The last few years have seen a number of new boutique hotels sprout up in Miami Beach, from Myles Chefetz’s Prime Hotel on Ocean Drive to the Fashionhaus hotel on Washington Avenue.
“The hotel market is on fire, as far as I’m concerned,” she said. “I haven’t seen it like this in probably about five years.”
Much of that interest has come from abroad, as has been the case in the local residential market.
“It’s a combination of European, South American, as well as local markets- meaning New York, Chicago and Los Angeles,” she said. “We have a local market of people [in Miami] that already own hotels that now want to buy more hotels.”