Marriott pays $23.5M for South Beach hotel, plans renovation

Miami /
Feb.February 17, 2016 02:15 PM

The Edgewater Hotel in South Beach is about to get a facelift and new name now that it’s been sold for $23.5 million to Marriott International’s timeshare division.

Marriott Vacation Club bought the 1930s-era building and its 49 suites, located at 1410 Ocean Drive across the street from Lummus Park. Marriott spokesperson Ed Kinney told The Real Deal that the 49 units were sold by a single seller, though he declined to name the entity. However, an Israeli company called the El-Ad Group lists the property under its portfolio holdings.

The hotel will now be known as the Marriott Vacation Club South Beach and is already taking reservations, according to a news release. Marriott will renovate the hotel’s suites and common areas through 2016.

“We are excited to offer our owners and guests another new addition to our collection of properties around the world that puts them right in the heart of South Beach and all it has to offer to visitors,” Stephen P. Weisz, president and chief executive officer of Marriott Vacations Worldwide, said in the release.

Marriott Vacation Club was originally committed to purchasing a separate 182-unit building in South Beach, Kinney said, but the deal fell through for undisclosed reasons. Then the opportunity to buy the Edgewater Hotel appeared, and Marriott closed on it.

“It’s not very big by our standards,” he told TRD.” But… we feel it’s a great way to get into the market.” 

As part of the re-branding, Marriott Vacation Club will open an off-site sales center for timeshares at the hotel. Kinney said the company is looking at a couple of nearby locations that they will close on in the near future.  — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
From left: Amit Khurana, Said Sumaida, Davide Bizzi, and Alessandro Pallaoro along with a rendering of 411 Michigan Avenue (Sumaida + Khurana, Bizzi and Partners, Cube 3)
Preservation board approves NY developers’ South Beach office project
Preservation board approves NY developers’ South Beach office project
Fendi Chateau Ocean Residences, Apogee, Rise at Brickell City Centre and Faena House (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in May
Here are Miami-Dade’s top condo sales in May
Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach (Google Maps, SSHaving, CC BY-SA 4.0 - via Wikimedia Commons)
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Mast Capital's Camilo Miguel Jr. with 524 Jefferson Avenue (Marcus & Millichap, Bloomberg)
Mast Capital sells South Beach Walgreens for $9M
Mast Capital sells South Beach Walgreens for $9M
Finvarb's Ronny Finvarb and 1685 Washington Avenue (Finvarb Group, Google Maps, iStock)
Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
A photo illustration of the Four Seasons Residences at Biscane Bay (left), the Mansions at Acqualina (middle), and the 1 Hotel & Homes at Miami Beach (right) (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in April
Here are Miami-Dade’s top condo sales in April
From left: Sonia Cheng, CEO at Rosewood Hotel Group; Peter Marino, principal of Peter Marino Architect; Michael Shvo, founder, chairman and CEO of SHVO; a rendering of the Raleigh development in Miami Beach (LinkedIn/Sonia Cheng, Getty Images, SHVO, iStock)
Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach
Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...