Sotherly closes on acquisition of Hyde Beach House hotel space

Sotherly paid $5.35M for the commercial unit

Miami /
Jan.January 08, 2020 12:30 PM
Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly Hotels closed on its acquisition of the hotel commercial space at Hyde Beach House Resort & Residences in Hollywood.

The Related Group’s 4000 South Ocean Property Owner LLC sold the commercial unit to an affiliate of Sotherly for $5.35 million, property records show. The deal was announced in September and closed on Dec. 26.

The sale includes the lobby, front desk, offices and other spaces, according to a press release. The deal did not include any hotel units, a spokesperson said. Hyde Beach House, a 342-unit condo-hotel at 4010 South Ocean Drive, was completed three years ago.

Williamsburg, Virginia-based Sotherly signed a 20-year management agreement for the parking garage and poolside cabanas at Hyde, and an agreement to operate and manage the condo association. The property also has a pool deck, sports and aqua club fronting the Intracoastal Waterway.

Sotherly Hotels was removed as the hotel manager of the similarly named Hyde Resort & Residences nearby in Hollywood, another Related Group-developed condo-hotel project. In a federal lawsuit filed on May 30, 2019, Sotherly accused the association’s president of using “commercial speech to defame and set forth falsehoods” about its management of the Hyde resort, as well as its executives and employees.

The association also sued Sotherly in Broward County Circuit Court, alleging the company and its affiliates engaged in a “pattern and practice of improperly utilizing [The Hyde association’s] funds to cover the overhead and expenses of unrelated hotel operations.”


Related Articles

arrow_forward_ios
Wyndham Grand in Hollywood by Sharon Sharaby
Kosher hotels planned near Seminole Hard Rock Hotel & Casino
Kosher hotels planned near Seminole Hard Rock Hotel & Casino
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
Qatari owner of St. Regis Bal Harbour pays off Reuben Brothers with $188M refi
Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi
Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi
Related's Jorge Pérez and Jon Paul Pérez, Teddy Sagi and a rendering of the White House Inn
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition hotel
Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition hotel
Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition hotel
arrow_forward_ios

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

Loading...