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Continental on Collins owners score $42M loan for new retail, parking component
The hotel is expected to be completed in January
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.