The Real Deal Miami

Developer pays $28M for three Miami Beach hotels

Combined last sales, during the last decade, came out to just more than $11M
By Katherine Kallergis | March 12, 2015 04:40PM

Ocean Surf Hotel, map of hotels sold and Hawaii Hotel

A Miami-based developer purchased three hotels in North Beach this week, Miami-Dade County records show.

Megapolis Corp. sold three 7,500-square foot lots on Ocean Terrace, all of which face the ocean, to an affiliate of Claro Development for a total of $28 million.

Two of the hotels are adjacent to each other. Megapolis sold both for $16.5 million. The Ocean Surf, at 7436 Ocean Terrace, is a 49-room, three-story hotel that last sold for $2.95 million in May 2004. The 16,244-square-foot building was built in 1940, according to Miami-Dade County property records. Architect Anton Skislewicz designed the building, according to Ocean Surf’s website.

The second hotel, at 7430 Ocean Terrace, is a 39-room, two-story Hawaii Hotel, which last sold for $5.2 million in May 2008. Megapolis and Casa Bella Toy 14 sold the 10,143-square-foot building.

The third hotel, two blocks south, sold for $11.5 million. The 10,260-square-foot Ocean Surf Blue hotel has 39 rooms and two stories. It was built in 1951 and last sold for $3 million in September 2006. Legacy International Realty had the listing for the Ocean Surf Blue, according to Loopnet.

Kensu Partners has owned the hotel in between the three sold hotels, at 7420 Ocean Terrace, since 2002.

Up the block, Claro Development bought the Days Inn & Suites for $29.25 million in December.

Francisco Martinez-Miyashiki is listed as a registered agent on the seller’s corporate records. Miyashiki is vice president of Pegaso Corp., a Miami-based real estate company.

The deals closed on March 9. Claro Development’s clients include The Standard Miami, The Raleigh Hotel, Faena Hotel & Residences and The Essex Hotel.