Hotusa Hotels buys the redeveloped Langford for $37M

126-key hotel sold for $294K per room

Miami /
Oct.October 09, 2019 02:30 PM
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)

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)

Stambul sold the Langford hotel in downtown Miami, three years after the development firm completed a major restoration and redevelopment of the former Miami National Bank property.

Langford Partners, led by Stambul’s general manager Daniel Peña, sold the 126-room hotel at 121 Southeast First Street to Miami Southern Hotels LLC for $37 million, records show. The buyer, which is tied to Hotusa Hotels of Barcelona, financed the deal with a $24 million loan from Intercredit Bank.

The deal, like most hotel sales, may not include furniture, fixtures or other equipment. The hotel sold for about $294,000 per key.

Amancio López Seijas, chairman of the Hotusa Group, is a manager of the buyer’s LLC. Hotusa is a hospitality conglomerate that owns Hotusa Hotels, Elysées West Hotels, Eurostars Hotels and more. The Langford is currently managed by Eurostars, according to its website.

The property, built in 1925, was designated a historic site by the National Register of Historic Places in 1989. Stambul bought the site in 2013 for $2.7 million, according to property records. About 90 percent of the building’s structure was deteriorated at the time, Peña previously said. The firm spent over two years restoring and building the project, which included replicating moldings and the Beaux Arts exterior façade.

The hotel features a rooftop bar, meeting space and restaurant.

Peña could not immediately be reached for comment. He’s also working on turning the historic Walgreens at 200 East Flagler Street in downtown Miami into a 48,000 square-foot food hall, according to sources. Stambul paid nearly $20 million for the building and said it planned to build out a “multi-level entertainment complex” with retail and dining in the space, which was most recently home to La Epoca department store.

Investors, led by Moishe Mana, have been picking up properties in the Flagler Street area of downtown Miami. Last month, the office building at 235 Southeast 1st Street hit the market and is expected to trade for more than $30 million, according to the brokers listing the property.


Related Articles

arrow_forward_ios
Photo illustration of Bazbaz Development's Sonny Bazbaz along with a rendering of the planned development at 2134 North Miami Avenue in Wynwood (Getty, Bazbaz Development, LoopNet)
Bazbaz buys Wynwood development site for mixed-use project
Bazbaz buys Wynwood development site for mixed-use project
Art Basel Miami Beach (Illustration by the Real Deal with Getty, Master Brokers Forum)
South Florida by the numbers: Art Basel at 20
South Florida by the numbers: Art Basel at 20
Mitch Novick with rendering of Bulgari hotel (Mitch Novick, Bulgari Hotel and Resorts, Getty)
Lawsuit targets Miami Beach deal with Bulgari hotel developers
Lawsuit targets Miami Beach deal with Bulgari hotel developers
The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
Genting wants over $1B for waterfront Miami site
Genting wants over $1B for waterfront Miami site
First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
Damaghi family buys resi tower dev sites next to MiamiCentral
Damaghi family buys resi tower dev sites next to MiamiCentral
Focus’ Tim Anderson and the purchased development site at 128 Southwest Seventh Street in Miami’s Brickell neighborhood (Work with Focus, Google Maps)
Focus pays $28M for Brickell apartments development site
Focus pays $28M for Brickell apartments development site
Highgate Capital Management's Mahmood Khimji and Mehdi Khimji with 5981 Okeechobee Boulevard (Highgate Capital Management, La Quinta by Wyndham)
Highgate cashes out of another South Florida La Quinta
Highgate cashes out of another South Florida La Quinta
Aria's David Arditi with rendering of 501 Residences (Aria Development Group, Getty)
Aria JV scores $81M construction loan for downtown Miami condo project
Aria JV scores $81M construction loan for downtown Miami condo project
arrow_forward_ios

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

Loading...