Bentley Edgewater reborn as Holiday Inn after Heafey partnership sours

Heafey Group pulled out after poor sales and buying the Conrad, partner says

TRD MIAMI /
Oct.October 30, 2018 01:30 PM

Original Bentley Edgewater rendering

When the Heafey Group launched sales for its planned Edgewater condo-hotel, it did so in the typical style of 2016: with a red carpet, cocktails, and a parked row of expensive cars that shared the project’s deluxe branding — Bentley.

What a difference two years make.

Today, Heafey is out, the site is still vacant, and the Kobi Karp-designed Bentley Edgewater Hotel & Residences will rise instead as a Holiday Inn, according to the developer of the project, Amaury Martinez, who was an original partner. Revised plans were filed with the city of Miami last week.

“We didn’t have enough sales,” Martinez said of the original plan — and why Heafey Group decided to walk away. “It flat-lined.”

Quebec-based Heafey Group did not respond to multiple requests for comment. Public records show show that the firm no longer has official ties to the project.

Martinez bought the lot in June 2015 for $2.27 million through the entity Satori Land, which he controlled jointly with Heafey Group’s Hussein Zayoun and Christian Berube, records show. As part of that arrangement, Martinez said, Heafey Group would take the lead on development while Martinez’s brokerage company, Forbes International Realty, would market the units.

But in May, the entity filed paperwork with the state removing Berube and Zayoun, leaving Martinez as the last controlling member.

“The banks weren’t very receptive to a condo hotel,” Martinez said. “It’s very hard to get a construction loan unless you’re at 65 percent” sold, he added.

Of 207 units, he estimates that the developers had sold only about 45 units or 22 percent when Heafey called it quits. Most of the buyers were from Latin American countries, with a handful of Turkish contracts mixed in. The project had a sales center in Istanbul.

He cited another reason the partnership foundered: Heafey Group’s $100 million purchase of the Conrad Fort Lauderdale Beach, another condo-hotel, in January 2017. The deal closed three months after sales started at the Bentley.


Related Articles

arrow_forward_ios
Alex Sapir and the site at 1768 Northeast Second Court (Credit: CBRE)

Alex Sapir’s massive Opportunity Zone site in Miami hits the market

The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

Cavalier and Henrosa hotels with Susan Gale of One Sotheby’s International Realty

Two South Beach hotels hit the market for $42M

Rendering of Crescent Heights’ project with Russell Galbut

Crescent Heights to begin construction of massive Edgewater project

From left: Jay Roberts, Keith Menin andRussell Galbut

Russell Galbut, Keith Menin ink deal with short-term rental operator Domio

Rendering of the Moxy Hotel, Pierre Charalambides and David Grutman (Credit: Kobi Karp)

Wynwood is getting its own Moxy hotel

arrow_forward_ios