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.