South Beach hotels hit the market for $24M

Portfolio is asking nearly $490K

Miami /
Jan.January 13, 2020 03:30 PM
Susan Gale and the South Beach hotels

Susan Gale and the South Beach hotels

A Miami Beach investor is looking to sell two boutique hotels he owns in South Beach.

Scott Weinberg of Azco Realty owns Hotel La Flora at 1238 Collins Avenue and Hotel Impala at 1228 Collins Avenue, property records show. Both are now on the market with Susan Gale of One Sotheby’s International Realty for a combined $23.5 million, or $490,000 per room, according to a spokesperson.

Weinberg’s 1238 Collins Ave Corp. paid $1 million for the three-story, 31-room Hotel La Flora in 1997. His Azco Investments LLC paid $4.5 million for the 17-room, two-story Hotel Impala in 2016, records show.

The 15,000-square-foot Hotel La Flora building was built in 1924 on a 7,000-square-foot lot. A buyer could increase the room count to 45 rooms, the building’s original unit count, Gale said. The building includes a lobby bar and cafe, and the property comes with a liquor license.

The second hotel has 14 guest rooms and three suites, and a courtyard garden. Spiga Ristorante Italiano is a tenant of Hotel Impala. The 8,414-square-foot building was originally built in 1931, also on a 7,000-square-foot lot. The property’s zoning allows for an additional 5,000 square feet of development.

Spiga pays about $150,000 a year in rent, Gale said.

The hotels can also be sold independently. Gale said the seller has owned hotels for nearly 30 years, and these are his last two properties in Miami Beach. “The story is that he’s been doing it for a long time, like many other sellers, and he is ready to move on in his life,” Gale said.

Gale’s other listings include the two hotels at 1320 Ocean Drive and 1435 Collins Avenue for a combined $42 million.

In October, SMS Lodging listed the 29-room hotel at 336 Collins Avenue. The listing brokers now expect that property to sell for $9.5 million, or about $325,000 per key. It’s on the market with CBRE.


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