The Real Deal Miami

Blue Road scores $17M loan for Miami Beach hotel project

Kobi Karp is designing the renovation and expansion
By Keith Larsen | August 23, 2018 04:30PM

Sadigo Hotel and Blue Road’s Jorge Savloff and Marcelo Tenenbaun

Blue Road just secured a $16.9 million loan from Mercantil Bank to finish renovating the Sadigo Hotel in Miami Beach.

Kobi Karp is designing the renovation and expansion of the hotel at 334 20th Street. The project, which will turn the property into a 30,000-square-foot hotel with 80 rooms, is scheduled to be completed next year.

In 2016, the Miami Beach Historic Preservation Board approved the partial demolition, renovation and restoration of the historic Sadigo Court Hotel, which was originally built in 1936. Blue Road purchased the 30-unit apartment hotel in 2016 from Eisenberg Development Corp. for $12.98 million about two years ago.

Bay Harbor Islands-based Blue Road, led by Jorge Savloff and Marcelo Tenenbaun, owns a number of Miami Beach hotels. In March, the company paid $14.27 million for Park Terrace, a 32-unit apartment building at 355 19th Street.

Last year, the development firm bought the Stiles Hotel at 1120 Collins Avenue from the Carlyle Group. Blue Road also owns the adjacent Ocean Reef Suites at 1130 Collins Avenue.