Royal Stays adds to South Beach short-term rental portfolio

Buildings are among eight in Flamingo Park neighborhood that allow short-term rentals

TRD MIAMI /
Jan.January 06, 2016 04:30 PM

Clockwise from top left: Courtyard, L’Etoile, Hispanola House and Casa Gaby

Royal Stays Miami has purchased four buildings with 31 units in South Beach for a combined $12.5 million, with plans to operate them as short-term rentals.

The Miami Beach-based company purchased the portfolio in late December, effectively doubling its vacation rental operating portfolio, Tal Alon, general manager of Royal Stays told The Real Deal.

The properties are among just eight buildings in the Flamingo Park neighborhood that are grandfathered in to allow legal short term rentals, he said. 

The buildings, featuring one- to four-bedroom units, include:

  • Courtyard, 1536 Jefferson Avenue  
  • L’etoile, 1534 Euclid Avenue
  • Casa Gaby, 1032 Michigan Avenue
  • and Hispanola House, 1440 Pennsylvania Avenue

Royal Stays plans to renovate the Art Deco buildings within the next year, with porcelain flooring, updated bathrooms and kitchens and and furnishings, Alon said.

The hotel and vacation rental company, owned by New York-based investor Yedidiah Buchwald, currently operates several vacation rentals throughout South Beach and Brickell in condo-hotel buildings. The company also operates the 12-unit Boutique 18 hotel at 235 18th Street in Miami Beach.

In addition, Royal Stays Miami is renovating a 50,000 square foot building at 2115 Washington Avenue in Miami Beach, which will be called the Hotel Belleza. The 81-room apartment-hotel will have some rooms that are able to be combined into larger two-bedroom and three-bedroom suites. Plans are to open in the next three to six moths, Alon said

“Our goal as a company,” he said, “is to give travelers several different options in South Beach to rent legal short term rentals.”


Related Articles

arrow_forward_ios
Miami Beach Mayor Dan Gelber and Natalie Nichols home at 1531 Stillwater Drive (Credit: Getty Images)

Miami-Dade judge strikes down Miami Beach short-term rental ban

Daily Digest Miami

Soffer in talks to buy Diplomat resort in Hollywood, 1-800 PetMeds founder sells Miami Beach house: Daily digest

Cavalier and Henrosa hotels with Susan Gale of One Sotheby’s International Realty

Two South Beach hotels hit the market for $42M

Greg Mirmelli’s vacation rental property at 2120 Bay Avenue in Miami Beach

Renter sues for $57K refund linked to illegal Miami Beach short-term rental

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

From left: Jay Roberts, Keith Menin andRussell Galbut

Russell Galbut, Keith Menin ink deal with short-term rental operator Domio

Domio CEO Jay Roberts and the Monte Carlo at 6551 Collins Avenue in Miami Beach

Short-term rental operator Domio enters South Florida market

Apartment rent growth is slowing in downtown Miami (Credit: iStock)

Apartment pricing slowdown: Rents are cooling in downtown Miami, report says

arrow_forward_ios