Marlin Hotel in South Beach back on the market: $22M

It last sold for $9.5M in 2015, pre-expansion

Jun.June 17, 2016 12:46 PM

Listing agent Jason Zarco

The Marlin Hotel, a historic Art Deco property in South Beach, is back on the market about a year after it sold to a Miami Beach developer.

An affiliate of MRK Investments, led by Michael and Richard Krieger, paid $9.5 million for the then 14-room hotel at 1200 Collins Avenue in April 2015. Following a multimillion-dollar renovation and expansion, it’s now on the market for $21.9 million.

The three-story, Art Deco hotel was built in 1939 and has roots in the music industry. It was the first hotel owned by Chris Blackwell, who founded Island Records — the label that signed Bob Marley. As South Beach Studios, it hosted Aerosmith, Jay Z and Pharrell Williams and other artists.

Jason Zarco of EWM, a Christie’s affiliate, is listing the property, which was designed by Miami Beach architect L. Murray Dixon. The previous owner renovated the property, as well as MRK, improving the guest rooms and suites, the lobby, restaurant and common areas, and adding 19 rooms and suites. The 33 rooms range from 240 to 500 square feet.

MRK also opened a new restaurant concept, Bazí. The developer/investor scored an $8.4 million loan in November for the renovation and expansion. It will reopen on July 1, Zarco told The Real Deal.

Zarco said the turnkey boutique hotel is perfect for someone who wants to expand their portfolio and enter the South Beach market. “There’s really not a product like this out there right now,” he said.

A portfolio of retail buildings on Collins and Washington avenues recently hit the market unpriced. The buildings, which include the Art Deco Victoria’s Secret store, are being marketing together and separately.

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