The Clevelander and an adjacent hotel in Miami Beach sell for $28M

The Montreal-based buyer paid $20.7 million for the Clevelander South Beach hotel and $7.9 million for the Essex House Miami Beach hotel

Miami /
Oct.October 20, 2018 09:00 AM

A poolside bar at the Clevelander South Beach hotel.

Montreal-based Jesta Group acquired the Clevelander South Beach hotel in Miami Beach and an adjacent hotel for $28.5 million.

Clevelander Holdings, managed by Eric Aintabi, the chief executive officer of Jesta Group, bought the Clevelander for $20.6 million.

Built in 1938, the Clevelander last sold in 1999 for $7 million. The property at 1020 Ocean Drive has 60 hotel rooms, a swimming pool and patio area, sundeck, rooftop terrace, sports bar and restaurant.

The Jesta Group affiliate that bought the Clevelander also leased the property’s restaurant and hotel for 10 years to an entity called Clevelander Ocean, which also is managed by Aintabi.

UBS AG provided a $42.5 million mortgage loan with a 10-year term to both Clevelander Holdings and Clevelander Ocean.

Jonathan Neeley of Brio Investment Group manages the entity that sold the Clevelander, 2K South Beach LLC.

Neeley also manages 2K Essex, which sold the 70-room Essex House Miami Beach hotel to another affiliate of Jesta Group, Essex House Collins, for $7.9 million – well below the $11.4 million price the last time it was sold in 2006. Built in 1937 at 1001 Collins Avenue in Miami Beach, Essex House is a 70-room hotel. [South Florida Business Journal]Mike Seemuth


Related Articles

arrow_forward_ios
Gloria and Emilio Estefan with the Star Island mansion (Getty, One Star Island)
Gloria and Emilio Estefan sell Star Island mansion next to Diddy for $35M
Gloria and Emilio Estefan sell Star Island mansion next to Diddy for $35M
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
Eighty Seven Park next to the collapsed Champlain Towers South (Getty)
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Ronny Finvarb with the proposed hotel (GEK Architecture)
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
800 Lincoln Road building and Restaurateur Gregory Galy (Tricap, LinkedIn)
Mila restaurant to add entertainment venue on Lincoln Road
Mila restaurant to add entertainment venue on Lincoln Road
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
arrow_forward_ios

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

Loading...