Witkoff Group buys South Beach hotel for $25M

Miami /
Apr.April 16, 2013 03:00 PM

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


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 
Related switches gears on Terminal Island project, now plans low-rise offices
Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)
Virgin Trains seeks $350M to build five stations in Miami-Dade
Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

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

Loading...