The Real Deal Miami

Henley USA buys another Miami Beach hotel for $20M

50-room Collins Park hotel sold for $400k per room
By Katherine Kallergis | August 29, 2018 12:30PM

2216 Park Avenue and Henley’s Ian Rickwood

Henley USA, the U.S. arm of United Kingdom-based private equity firm Henley, just purchased another boutique hotel in Miami Beach.

Encotel LLC, led by Enrique Colmenares, sold the Eurostars Vintro Hotel at 2216 Park Avenue for $20 million in an off-market deal, according to One Sotheby’s International Realty. Susan Gale of One Sotheby’s represented the seller and buyer, whom the brokerage declined to name.

The 50-room hotel includes a restaurant, bar, rooftop lounge and plunge pool. It’s in the Collins Park neighborhood of Miami Beach, near the Miami Beach Convention Center and the Bass Museum of Art.

Henley paid about $400,000 per key for the nearly 26,000-square-foot Art Deco hotel, which was built in 1934, according to property records. It previously traded hands for $3.5 million in 2011.

The hotel joined Hilton’s Curio Collection in 2016, according to a press release. It’s now managed by Eurostars.

Representatives for Eurostars and Henley did not immediately respond to requests for comment.

The deal isn’t the first for Henley in South Florida. Earlier this year, Henley paid $15.4 million for two hotels in Miami and Miami Beach: the Jefferson Hotel at 528 and 534 Southwest Ninth Avenue and the Jazz on South Beach, a hostel at 321 Collins Avenue.

Both of those properties will become part of Henley’s new high-end hostel concept called Life House, according the firm’s website. Henley plans to invest $30 million into the two sites.