Historic Ocean Drive hotel sells for $7M

Casa Hotels bought the Blue Ocean Hotel with plans for renovations

TRD MIAMI /
Jan.January 23, 2019 11:30 AM

From left: Jennifer Jin, Natalie Castillo and 334 Ocean Drive (Credit: LinkedIn and Loopnet)

UPDATED, July 1, 11:05 p.m.: An affiliate of Casa Hotels paid $6.9 million for a boutique hotel on Ocean Drive in Miami Beach’s South-of-Fifth neighborhood.

Casa Hotel purchased the 28-room hotel at 334 Ocean Drive for $246,428 per room. The seller was Hilma LLC, which is managed by Geraldine Hidalgo, property records show. It has been listed since 2016 for $7 million.

The two-story, historic hotel totals 7,631 square feet. The building, formerly called the Blue Ocean Hotel, was last purchased in May 2011 for $2.5 million. Built in 1941, it has gone through several renovations.

CBRE Hotels’ Natalie Castillo and Jennifer Jin represented the seller. Opera Real Estate Investment, led by broker Valerio Spinaci, represented the buyer and Roca Gonzalez PA was the closing agent.

Castillo said that the new owner plans to update the building and operate under the name Casa Ocean. Additional rooms or a rooftop deck could be added to the property, according to Castillo.

The hotel is located near Marjory Stoneman Douglas Ocean Beach Park and South Pointe Park.

Close by, an affiliate of Jose Isaac Peres’ Multiplan Real Estate Asset Management is proposing to build 312 Ocean Park, a 10-unit, four-story condominium at 304 and 312 Ocean Drive.


Related Articles

arrow_forward_ios
5212 North Bay Road in Miami Beach and Marcelo Claure (Getty)

SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown

SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown
34 Star Island Drive with Albert Justo, Stacy Robins and Mirce Curkoski (Redfin)

Former Star Island residents return, buy $12M waterfront home

Former Star Island residents return, buy $12M waterfront home
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
Faena Hotel Miami Beach and Eau Palm Beach (Faena, Eau Palm Beach)

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
arrow_forward_ios

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

Loading...