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Robert Finvarb sells AC Hotel Miami Beach to TPG
Texas and California-based TPG has been on a hotel buying spree in the Miami area since June
Global investment firm TPG continues its hotel buying spree in South Florida.
An affiliate of TPG paid $45.3 million for the 150-room AC Hotel Miami Beach at 2912 Collins Avenue, records show. The price represents what TPG paid for the real estate, but it is not the total price for the hotel asset, which the buyer and seller declined to disclose.
At $45.3 million, the price equates to $302,000 per room.
The seller is 2912 Collins Avenue LLC, tied to Miami Beach developer Robert Finvarb. Finvarb completed the seven-story hotel under Marriott’s AC Hotel brand in 2015, one year after purchasing the redevelopment site for $1.6 million.
The building features an eighth-floor rooftop pool with panoramic views, rooms with floor-to-ceiling glass and a subterranean parking lot with more than 300 spaces. The property is located across the street from the Miami Beach Edition.
Finvarb and a TPG spokesperson both declined comment.
As part of the deal, TPG is assuming a $41.5 million loan that the Finvarb entity took out in 2018, according to mortgage documents. Odyssey Propco VII, a limited liability company managed by TPG executives Matthew Coleman and Yaman Shukairy, purchased the hotel. Subsidiary TPG Real Estate Partners is acquiring the property through Odyssey Hotel Partners, a portfolio company focused on hotel acquisitions.
In June, TPG bought the AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard. TPG paid a combined $61 million for both properties. The sellers were a partnership between Miami-based Aztec Group; Chattanooga, Tennessee-based 3H Group; and family owned firm Arti Hersi.
According to TPG’s website, the company has $96 billion in assets, including more than $10 billion in commercial real estate around the world. The investment firm, founded in 1992 and now led by CEO Jon Winkelried, is headquartered in San Francisco and Fort Worth, Texas. In a previous email statement, TPG Real Estate Partners Managing Director Jacob Mueller said the firm is focusing on the greater Miami area and that its local acquisitions complement its national hotel strategy.