The Real Deal Miami

Argentine investors buy former Plaza Hotel

The buyers paid a hefty premium for the 60-room hotel, seller LeaseFlorida said
July 26, 2013 12:00PM

The Plaza, South Beach

The Plaza, South Beach

A group of Argentine investors bought South Beach’s now-shuttered Plaza Hotel for $5.5 million from LeaseFlorida, a Miami Lakes-based company that seized the property last year, South Florida Business Journal reported.

The managing members who comprise the buyer, 418 Meridian LLC, are Matias E. Podesta, Carlos M. Porehetto and Roberto D. Colmenero. They obtained a $2.78 million mortgage that matures Jan. 18 from Meridian Lender LLC with plans to renovate and reopen the three-story, 60-room hotel at 418-426 Meridian Ave., the Journal said.

Alan Waserstein, the co-principal of LeaseFlorida, told the newspaper that the sale represented a significant premium over what his company invested in the property. LeaseFlorida purchased the loan on the hotel at a discount from an affiliate of Bank of New York Mellon Corp. [SFBJ]Emily Schmall