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Ocean Drive hotel sells for $12.5M
Less than a week after selling Hotel Eva, a Miami Beach company picked up the Cavalier South Beach hotel for $12.5 million, The Real Deal has learned.
Ventura Capital One acquired the 1320 Ocean Drive hotel on Monday, according to Miami-Dade County records. The company is managed by Orlando Valdes. Just six days earlier, Valdes-managed Ventura Way sold Hotel Eva on Collins Avenue for $11 million.
City National Bank of Florida gave Ventura a $7.9 million loan for the purchase.
Ridge Hill Holdings-Miami of Litchfield, Conn. is the seller of the 45-room Cavalier. It acquired the hotel through foreclosure in March 2013.
The Cavalier was originally constructed in 1936.