The Real Deal Miami

Redeveloped Continental on Collins hits the market

Listing broker expects 100-room hotel will sell in the $40M range
By Katherine Kallergis | April 03, 2018 03:30PM

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.