Hawaiian firm sells Marriott Biscayne Bay ground lease for $38M

UPDATED 10 a.m., March 5, 2018: A Hawaiian firm has sold the ground lease of the Miami Marriott Biscayne Bay to a Delaware corporation for $38 million, property records show.

Castle Family LLC, an affiliate of Kaneohe Ranch Management Limited, sold the ground lease to Biscayne Bay Land Eat LLC, a Delaware company with a Tempe, Arizona address.  A mortgage was not recorded, and more information on the buyer was not available online.

Kaneohe Ranch manages property owned by the Castle family and its nonprofit, the Harold K.L. Castle Foundation. Records show the Hawaiian company bought the ground lease to the 600-room hotel for $11.25 million in the mid-1990s.

The Marriott, a 31-story hotel at 1633 North Bayshore Drive, was built in 1982 and sits on a 1.9-acre bayfront lot that also fronts a marina. It includes an Illy cafe, Catch Grill & Bar restaurant, 25 meeting rooms with 20,000 square feet of flex space, a gym and pool.

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The buyer also acquired three condos at the Grand, at 1717 North Bayshore Drive, which includes two 660-square-foot units and a 6,706-square-foot unit, plus a 4,630-square-foot parcel.

The properties are in the Arts & Entertainment District, which was formerly known as the Omni District. Nearby, Resorts World Miami has proposed redeveloping an Omni bus terminal into a mixed-use tower with a 300-room hotel and 20 stories of residential units.

A previous version of this story incorrectly stated that the hotel sold. Kaneohe sold the ground lease, not the hotel.