Cambridge Lansdowne buys Urbanica Meridian Hotel in South Beach for $31M

South Miami-based real estate investment firm paid $436K per key

Miami /
Apr.April 14, 2022 02:30 PM

From left: Urbanica Hotel partners Diego Colmenero and Charlie Porchetto in front of the Urbanica Meridian Hotel at 418 Meridian Avenue in Miami Beach (Urbanica Hotels, Google Maps)

Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Hotel in Miami Beach’s South of Fifth neighborhood, marking the third deal this month in the tri-county region’s resurgent hospitality sector.

An affiliate of the South Miami-based real estate investment firm bought the Art Deco historic building with 70 rooms at 418-420 Meridian Avenue, records show. Cambridge Lansdowne, led by co-founding partners Pedro Miranda and Daniel Ribenboim Simon, paid $435,714 per key.

The buyer obtained an $18.3 million mortgage from Bradesco BAC Florida Bank, records show.

Paul Weimer and Christian Charre with CBRE represented the buyer and the seller, an affiliate of Urbanica Hotels, led by principals Charlie Porchetto and Diego Colmenero.

In 2013, Urbanica Hotels paid $5.5 million for the four-story building completed in 1925, records show. Three years later, the Miami Beach-based hotel development company added 16,749 square feet at the back of the Meridian Hotel.

Cambridge Lansdowne’s purchase comes on the heels of another big hotel deal in South Florida. Electra America Hospitality Group and Korman Communities paid $83.9 million for a 217-micro-unit rental building in downtown West Palm Beach that was recently transformed into an AKA Hotel. Also this month, Bethesda, Maryland-based DiamondRock Hospitality bought a Kimpton-branded hotel in Fort Lauderdale for $18.9 million.

And in February, Utah-based Dynamic City Capital paid $74.3 million for a new AC Hotel by Marriott near the beach in Fort Lauderdale.

New hotel projects are also in the works, including a Tru by Hilton in Miramar and a Courtyard by Marriott in Hollywood.

The Meridian Hotel’s new owner is a fresh player in the South Florida real estate market. Cambridge Lansdowne was formed in February, according to Florida corporate records. Its principals have real estate investments in other parts of the U.S. and South America.

Miranda is co-founder and managing principal of Cambridge Landmark, a Miami-based real estate investment firm that owns two hotels in Orlando, and one hotel each in Milwaukee, Philadelphia and Sacramento, according to the company’s website.

Simon is the portfolio manager for Newfoundland Capital Management, a Sao Paulo-based private equity firm that focuses on real estate investments in South America, according to the company’s website.

With the sale of Urbanica Meridian, Urbanica Hotels plans to focus on the firm’s new flagship projects, according to a press release. The company is developing a pair of 200-room hotels called Urbanica Beach in Miami Beach’s North Beach neighborhood, and Urbanica Biscayne in Miami’s Edgewater neighborhood.





    Related Articles

    arrow_forward_ios
    From left: Miami Beach mayor Dan Gelber, real estate developer Stephen Ross, and the Deauville Beach Resort in Miami Beach (Getty Images, Google Maps, iStock)
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Cognito's John Backus and 7960 Biscayne Point Circle (LinkedIn, Zillow)
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    369 North Hibiscus Drive (Villazzo Realty, iStock) Buddhist, Mansion
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    From left: Stephen Macricostas and Andre Branch in front of 4535 Nautilus Court (Getty Images, Redfin)
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Alex and Yanina Sapir (Getty, Instagram, Illustration by Kevin Rebong for The Real Deal)
    Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
    Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
    Pebb Capital's Todd Rosenberg with 4000 Collins Avenue (Loopnet, iStock)
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Black Lion Investments' Robert Rivani and the Ritz-Carlton Residences at 4701 North Meridian Avenue in Miami Beach (Ritz-Carlton Residences, Black Lion Investments)
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    arrow_forward_ios

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

    Loading...