Two ’60s-era motels sell for over $100,000 per room

Miami /
Aug.August 27, 2016 01:35 PM

Two small motels in Lauderdale-by-the-Sea built more than a half century ago sold for prices topping $100,000 per room.

Blue Strawberry By The Sea, a two-building motel at 4220/4208 North Ocean Drive, changed hands for $3.6 million, and the smaller Tropicaire Resort went for $2.19 million.

But the 13-room Tropicaire at 4553 Bougainvilla Drive in Lauderdale-by-the-Sea commanded a bigger price per room: $168,451 compared to $102,857 for the 35-room Blue Strawberry.

Holm Property Inc. sold the Tropicaire, built in 1964, to Seva Florida Tropicaire LLC. The $2.19 million sale price was 29 percent more than the previous sale price of $1.7 million in August 2014, the last time the Tropicana changed hands.

Egoa Realty LLC sold the Blue Strawberry motel, built in 1961, to a company called Blue Strawberry By The Sea Inc. The $3.6 million sale price is 9.7 percent higher than last sale price of $3.28 million in December 2013 for the Lauderdale-by-the-Sea property.

A small motel in Fort Lauderdale recently changed hands, too, but at a much lower price. Medici Hotels LLC bought the 16-unit By Eddy Motel for $1.25 million, or $78,125 per room. The seller is By-Eddy Apartments Inc. Built in 1973, the By Eddy Motel last changed hands in 1980 for $465,000. [Sun-Sentinel] — Mike Seemuth


Related Articles

arrow_forward_ios
An aerial photo of Boca Lago Golf & Country Club (Google Maps, iStock)
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Deepak Khosa and Aaron Kurlansky with 123 Ocean Avenue, Palm Beach Shores (Google Maps, iStock)
Deepak Khosa closes on distressed hotel on Singer Island, plans to convert to multifamily
Deepak Khosa closes on distressed hotel on Singer Island, plans to convert to multifamily
Ocean Bank CEO A. Alfonso Macedo and 4238 to 4242 Northwest Seventh Street (Google Maps)
Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
Valerio Spinaci and 1506 Collins Avenue (Google Maps)
Casa Hotels buys boutique South Beach hotel for $8M
Casa Hotels buys boutique South Beach hotel for $8M
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
arrow_forward_ios

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

Loading...