Clinton Hotel in South Beach sells for $28.5M

Think Hotel Group, tied to NY-based Think Properties, acquired the property

Jun.June 12, 2015 09:45 AM

The Clinton Hotel in Miami Beach sold for $28.5 million, more than four times its last sale in 2007, county records show. 

LLCs tied to Think Hotel Group, which owns hotels in Miami Beach, were the buyers.

“This is the third hotel that Think Group has purchased with us in the last two years. (The Plymouth and the Ansonia Hotels are currently under development),” David Restainer of Douglas Elliman said in a statement. “It is a great pleasure working with Shawn Vardi and his team. They have great vision, a knack for unlocking value, are aggressive and get to the closing table. They are going to do amazing things to the hotel that will invigorate Washington Avenue.”

The seller, Rockville, Maryland-based East Coast Realty Ventures, paid $6.9 million for the 19,500-square-foot site in July 2007, according to property records.

Douglas Elliman’s commercial division, led in South Florida by Restainer, marketed the property. It was listed in November with an asking price of $31.5 million. Elliman’s Michael Hartman also worked on the deal, according to a press release.

The hotel, at 825 and 835 Washington Avenue, has 88 rooms and was originally built in 1934 with architectural design by Charles Neilder. It recently underwent a restoration that included the addition of two new stories and more than 5,500 square feet of retail space and upgraded food and beverage facilities.

The boutique property joins a number of commercial properties on Washington Avenue that have recently sold.

In March, the Waldorf Building, at 1334 Washington Avenue, sold for $6.2 million, six times its last sale price in 1993. Also in March, a pair of New York real estate investors purchased a Miami Beach hostel at 235 Washington Avenue for $8.28 million. And this week, a Firehouse Subs sold for $2.5 million.

Improvements to the area are coming soon. The Miami Beach Land Use and Development Committee recently approved a series of wide proposals designed to breathe new life into Washington Avenue. The proposals include raising height limits for buildings on Washington Avenue , widening sidewalks, adding bike lanes and closing down one lane of traffic along much of the avenue to allow parklets — parking spaces converted to temporary patios for outdoor dining.

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