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The Related Group and Dezer Development sell Hyde Midtown hotel for $22M

60-room hotel sold for about $363k per suite
By Katherine Kallergis | April 17, 2018 05:02PM

Rendering of Hyde Midtown (Credit: ArX Solutions)

The Related Group and Dezer Development sold the hotel component of Hyde Midtown for $21.8 million, property records show.

Midtown Hotel Investment LLC, led by Haim Yehezkel, bought the yet-to-open 60-room hotel at 4101 Northeast First Avenue in Miami. Yehezkel heads Elysee Investments, a commercial investment firm in Miami Beach and New York. The buyer financed the deal with a $14.5 million mortgage from Bank of America.

The hotel sold for about $363,000 per suite. When it opens, Hyde will be the first hotel in Midtown Miami.

Hernan Gleizer, broker and CEO of Optimar First International Realty, represented the buyer. The deal was announced more than two years ago when Hyde was under construction.

Related and Dezer completed the 31-story, hotel-condo development earlier this year. Sbe will operate the hotel. The developers launched sales of the 410 condos in 2014, broke ground in 2015 and financed construction with a nearly $115 million loan the following year.

The building was designed by Arquitectonica with interiors by the Rockwell Group. When it opens later this year, the hotel will include a lounge and piano bar, food and beverage by sbe, a pool terrace, spa, fitness center, private screening theater, a tennis court, putting green and bocce court, and a six-story parking garage.

Investor Alex Vadia, who sold the land to Related and Dezer, retained ownership of the ground floor retail space.

Prices for the condos, which are 92 percent sold, range from the low $400,000s to $2 million.

A previous version of this story incorrectly stated the condo component is sold out.