Continental on Collins owners score $42M loan for new retail, parking component

The hotel is expected to be completed in January

Miami /
Sep.September 17, 2018 05:30 PM

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

The owners of the Hampton Inn at the Continental on Collins just scored a $41.9 million loan and will start building a new retail and parking component, records show.

Sukkah Miami Beach Acquisitions LLC, a holding company owned by Boca Raton-based investment firms Pebb Capital and Duncan Hillsley Capital, received the loan for the hotel at 4000 Collins Avenue from IberiaBank.

Part of the loan will be used to refinance the existing hotel, which is now being renovated. The owners will then use the rest of the loan to construct a new 30,000-square-foot addition, which will be built on a vacant lot on the north side of the hotel.

Shane Hillsley, a managing principal of a Pebb Capital affiliated entity RoseHill Group, said construction should begin on the retail and parking component in the next couple of days. He projects the building will be completed in the third quarter of 2019.

The Real Deal previously reported that the property owners hired CBRE’s Paul Weimer, Christian Charre and Natalie Castillo to list the 100-room hotel. Hillsley now says the project is no longer for sale and Sukkah Miami Beach Acquisitions is planning to retain ownership of the hotel and run it.

Pebb and Duncan Hillsley paid more than $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 renovated building includes a rooftop deck and retail on the ground floor, where Piola signed a lease for about 1,800 square feet. Hillsley said the renovated hotel is expected to be open in January.

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
(Photo Illustration by The Real Deal with Getty Images)
Want more South Florida land? Buy out your neighbors
Want more South Florida land? Buy out your neighbors
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot (Rendering courtesy of 1664 Meridian Ave General Partner LLC)
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ's Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Carillon Miami Wellness Resort at 6801 Collins Avenue in Miami Beach (Google Maps, Getty)
Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
Z Capital loses attempt to slap Miami Beach condo owners with $8M assessment
arrow_forward_ios

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

Loading...