Redeveloped Continental on Collins hits the market

Listing broker expects 100-room hotel will sell in the $40M range

Miami /
Apr.April 03, 2018 03:30 PM

Rendering of the Continental on Collins, a Hampton Inn & Suites

The owners of the nearly completed Hampton Inn at the Continental on Collins are looking to sell the property.

Sukkah Miami Beach Acquisitions LLC, a holding company owned by Boca Raton-based investment firms Pebb Capital and Duncan Hillsley Capital, hired CBRE’s Paul Weimer, Christian Charre and Natalie Castillo to list the 100-room hotel at 4000 Collins Avenue.

Weimer said the property is unpriced, but he expects it to sell in the $400,000 per key, $40 million range.

Pebb and Duncan Hillsley paid at least $23 million to buy out the owners of the Continental’s 102 rooms and 18 commercial units in 2015, and unveiled plans to convert the condo-hotel into a Hampton Inn the following year.

The renovationated building includes a rooftop deck and retail on the ground floor, where Piola signed a lease for about 1,800 square feet.

Last year, the owners sought approval for partial demolition of the Continental in order to connect the building at the lobby level to a new parking and retail structure next door, which is not for sale.

Weimer said the owners want to sell the hotel because they are mostly focused on retail.

Pebb Capital was founded by the Rosenberg family, and the firm is closely related to Pebb Enterprises. Pebb Capital partnered with Duncan Hillsley to buy the retail component of Downtown Dadeland in 2014.


Related Articles

arrow_forward_ios
Douglas Cramer and 40 La Gorce Circle in Miami Beach (Getty, Google Maps)
“Brady Bunch” producer sells La Gorce Island mansion for $23M
“Brady Bunch” producer sells La Gorce Island mansion for $23M
320 W Dilido Drive, Miami Beach (Google Maps)
AquaBlue developer buys Venetian Islands teardown for $12M
AquaBlue developer buys Venetian Islands teardown for $12M
Oribe Canales (right) and Chris Paciello with the North Bay Road home (Getty)
Oribe’s estate sells Miami Beach home to nightlife mogul
Oribe’s estate sells Miami Beach home to nightlife mogul
1420 West 23rd Street with Rony Seikaly and Todd Glaser (Seikaly via Getty; Glaser by Mary Beth Koeth)
Todd Glaser, Rony Seikaly sell waterfront Sunset Islands mansion to VC investor
Todd Glaser, Rony Seikaly sell waterfront Sunset Islands mansion to VC investor
Randy Frankel and One Ocean (Getty)
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
2204 North Bay Road (Felipe Ariano, Google Maps)
Former hedge funder sells waterfront North Bay Road mansion for $20M
Former hedge funder sells waterfront North Bay Road mansion for $20M
Phil Gutman with Bess Freedman and Mark Zilbert (Linkedin, Freedman by Studio Scrivo)
Phil Gutman leaves Brown Harris Stevens Miami
Phil Gutman leaves Brown Harris Stevens Miami
Peter Thiel with 445 to 441 East Rivo Alto Drive (Getty)
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
arrow_forward_ios

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

Loading...