Historic Miami Beach hotel sells for $14M

November 15, 2013 02:15 PM

Claridge Hotel

The historic Claridge Hotel in Miami Beach has changed hands for $14 million, The Real Deal has learned.

Coral Gables-based Claridge Hotel sold the 3500 Collins Avenue hotel to a company managed by New York-based Access Industries, according to Miami-Dade County records. It paid about $2 million for the property in 1998.

The boutique hotel is known in the city for its 1928 Mediterranean-style design by architect Martin Hampton. It first opened in 1930 as El Paraiso Apartments with 18 apartments and two hotel rooms.

Original hotel owner William Taradash was a prominent Miami Beach real estate broker in the 1920s and 1930s, according to the hotel’s website. The building became the Claridge in 1938.

The hotel recently underwent a $9 million renovation. It currently has 42 guest rooms, six junior suites and two penthouse units. Restaurant Amalfi on the Beach is located on the ground floor.

The Miami Beach hospitality market has had a slew of investment and development activity this year. One notable recent transaction was the $41.5 million purchase of the former Gianni Versace mansion by the New York-based Nakash and Gindi families last month. The partnership, which owns several Miami Beach hotels, plans to incorporate the 1116 Ocean Drive mansion into its Hotel Victor next door— Eric Kalis

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