Chetrit Group sells Miami Beach hotel for $42M

Buyer has been operating the Fairwind Miami Beach hotel prior to purchase

Miami /
Sep.September 08, 2021 05:30 PM
The Fairwinds Hotel and Joseph Chetrit (Getty, Fairwinds)

The Fairwind Hotel and Joseph Chetrit (Getty, Fairwinds)

The Chetrit Group sold a Miami Beach apartment hotel to its operator for $42 million, The Real Deal has learned.

Royal Stays Miami, led by Yedidiah Buchwald, acquired the 104-key property at 1000, 1020 and 1030 Collins Avenue, according to a source. Royal Stays has been operating the property under a leasehold agreement since 2018.

The deal breaks down to neary $404,000 per room.

The buyer financed the acquisition with a $28 million loan from Maxim Capital Group, brokered by Meridian Capital Group. Maxim Capital Group declined to comment.

Chetrit affiliate CG Fairwinds LLC paid $14.5 million for the three-parcel assemblage in 2012, according to property records. The buildings were developed as far back as 1936, and were renovated prior to the pandemic. They sit on a 0.7-acre lot.

The Art Deco hotel features a rooftop pool, poolside bar and lounge, coffee shop and cafe, according to its website.

Last month, Optimum Development USA sold the nearby Celino South Beach hotel complex at 640 Ocean Drive to a CGI Merchant Group hospitality fund that counts Alex Rodriguez as one of its investors.

Chetrit, led by Joseph Chetrit, has been active in Miami and Miami Beach. The New York-based company recently secured a $62.5 million loan, also from Maxim Capital Group, for its long-planned Collins Park hotel redevelopment in Miami Beach.

In July, Chetrit’s new lender on another Miami Beach property, the shuttered Tides South Beach Hotel, alleged in a foreclosure suit that Chetrit stole $2 million in insurance money tied to damages.

Earlier this year, Chetrit sold a nearly 5,500-unit multifamily portfolio in Florida, Indiana, Kentucky, Ohio and Pennsylvania for $390 million, likely freeing up capital for the investment and development company.





    Related Articles

    arrow_forward_ios
    Arte Surfside at 8955 Collins Avenue
    Arte Surfside closing tops Miami-Dade weekly condo sales
    Arte Surfside closing tops Miami-Dade weekly condo sales
    Alex Sapir and Yanina Sapir
    How real estate’s rich live: Alex Sapir’s wife seeks $175K/month in divorce
    How real estate’s rich live: Alex Sapir’s wife seeks $175K/month in divorce
    Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue
    Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
    Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
    Cushman & Wakefield’s David Greenberg and Christopher Passeggiata
    Cushman & Wakefield hires Marcus & Millichap’s hospitality team
    Cushman & Wakefield hires Marcus & Millichap’s hospitality team
    Alex and Yanina Sapir, the Venetian Islands and the motion
    Alex Sapir secretly attempted to sell Miami Beach home amid divorce, wife alleges
    Alex Sapir secretly attempted to sell Miami Beach home amid divorce, wife alleges
    Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach
    Palazzo Della Luna closing tops Miami-Dade weekly condo sales
    Palazzo Della Luna closing tops Miami-Dade weekly condo sales
    From left: Tricap’s David Edelstein and RFR’s Aby Rosen with 2201 Collins Avenue
    RFR, Tricap file dueling lawsuits for control of W South Beach
    RFR, Tricap file dueling lawsuits for control of W South Beach
    Kim and Todd Glaser with 3681 Flamingo Drive
    Spec developer Todd Glaser sells longtime Miami Beach home
    Spec developer Todd Glaser sells longtime Miami Beach home
    arrow_forward_ios

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

    Loading...