UPDATED July 5, 4:20 p.m.: Vincenzo Odoguardi just paid $5.15 million for an Italian boutique hotel in South Beach.
Villa Italia at 354 Washington Avenue in Miami Beach spans about 6,566 square feet and comes with 13 units. Rates can rang from $140 to $260 a night, according to Expedia.
Esprit Sobe LLC, led by Paul Benichou, sold the hotel for about $783 per square foot. Records show Benichou purchased the hotel for $3.8 million, or $578 per square foot, in 2015.
The tiny sliver of Italy in Miami Beach’s Art Deco District was built in 1926, according to its website. Around the same time, other numerous small hotels were being built along lower Collins Avenue and Ocean Drive.
Vila Italia comes with custom-built Italian furniture, and a 1,560-square-foot private villa with two bedrooms, two bathrooms, a full kitchen and a private terrace.
It’s deemed a historic hotel by Miami Beach’s Historic Preservation Board. Villa Italia, in the South-of-Fifth neighborhood, was known as Harmon Villa until 2011. It had interior renovations in 2010 by Luigi Vitalini, an Italian-born architect.
Nearby, aging storefronts in the Art Deco District are being restored at 915, 947 and 955 Washington Avenue to make way for the Moxy South Beach, a new large scale development. Miami Beach’s Historic Preservation Board approved the development in December.
Correction: Previous version of this article misrepresented Vincenzo Odoguardi’s professional roles.