Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

The price is nearly four times what the JV paid at auction two years ago

Miami /
Jan.January 13, 2020 05:30 PM
Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

In the biggest hotel sale in Miami Beach so far this year, partners Lionheart Capital and Actium Development Co. sold the Seagull Hotel Miami Beach for $120 million, The Real Deal has learned.

JHG Holdings Miami Owner LLC, a joint venture between Lionheart, led by Ophir Sternberg, and hotelier Jeffrey Dagowitz’s Actium, sold the waterfront hotel to BHI Miami Limited, according to sources. The Delaware entity is led by Nabil Kobeissi, records show.

The hotel at 100 21st Street traded two years after Lionheart and Dagowitz bought it at auction for $31.1 million.

The $120 million price tag for the 172-room South Beach equates to about $698,000 per key. It was built in 1948, records show. Sources said it will be redeveloped into a luxury hotel.

The Lionheart and Dagowitz joint venture had purchased the 1.23-acre property in December 2017 in a deal that included a ground lease that expires in 2049. The court-ordered sale followed litigation among the property’s seven previous partners.

The waterfront site is across a parking lot from the W South Beach and next to the Setai Miami Beach. Records show BHI made a loan to the sellers in September as a precursor to the deal.

BHI’s Kobeissi, who is also CEO of Blue Horizon Advisors of London, could not be reached for comment. Sternberg declined to comment and Dagowitz did not immediately respond to a message left at Actium.

Dagowitz is the founder of New York-based JHG Holdings, and has been responsible for the acquisition, development and financing of luxury hospitality real estate valued at more than $1 billion, according to Actium’s website. In 2017, he bought 83,000 square feet of air rights in New York’s Chelsea, assembling a development site with 243,000 buildable square feet.

Miami-based Lionheart Capital, along with Elliott Management Corp., recently completed the Ritz-Carlton Residences, Miami Beach, a luxury condo project in Mid-Beach.

Other hotels have recently sold for high prices in Miami Beach. Last year, Michael Shvo and his partners bought three neighboring hotels on Collins Avenue in South Beach, with plans for a 200-foot-tall residential project. In February, they bought the 83-room Raleigh Hotel for $103 million, or $1.24 million per key, from Tommy Hilfiger and the Dogus Group. The group later purchased the Richmond and South Seas hotels for nearly $88 million and $52 million, respectively.


Related Articles

arrow_forward_ios
Renderings of the Sunset Harbour project with Marc Rowan and Deco Capital Group's Bradley Colmer (Linkedin, Getty)
Deco Capital moves forward with new version of long-planned Sunset Harbour mixed-use development
Deco Capital moves forward with new version of long-planned Sunset Harbour mixed-use development
Ronny Finvarb and a rendering of the hotel (GEK Architecture)
Miami Beach residents rally against proposed hotel in Sunset Harbour
Miami Beach residents rally against proposed hotel in Sunset Harbour
1260 Washington Avenue and 1234 Washington Avenue with Location Ventures CEO Rishi Kapoor (Google Maps, Location Ventures)
Location Ventures buys South Beach office, retail property for $20M
Location Ventures buys South Beach office, retail property for $20M
Don Peebles, Jorge Perez and Barry Sternlicht with the Clevelander hotel (Getty, iStock)
Alcohol rollback on Ocean Drive pits developers against business owners
Alcohol rollback on Ocean Drive pits developers against business owners
O. Dean Jernigan and 1325 North Venetian Way, Miami Beach (Google Maps)
Former self-storage CEO sells Venetian Islands home for $18M
Former self-storage CEO sells Venetian Islands home for $18M
Jessica Goldman Srebnick with 6686 Roxbury Lane and 4511 Lake Road (Google Maps)
Jessica Goldman Srebnick trades Miami Beach home for Bay Point mansion
Jessica Goldman Srebnick trades Miami Beach home for Bay Point mansion
Joseph Chetrit and a rendering of the Collins Park project (Getty, Kobi Karp)
Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach
Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach
Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
arrow_forward_ios

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

Loading...