A short-term rental firm and a German entrepreneur teamed up to acquire 19 condo-hotel units, a commercial space and 66 percent of the common areas at Hotel Arya in Miami’s Coconut Grove.
Miami Vacation Rentals, led by founder Juan Uribe, and partner Florian Hagenbuch paid a combined $16.2 million in nine separate deals at the 22-story condo-hotel, which is also known as the Mutiny Park Condominium, at 2889 McFarlane Road, records and real estate database Vizzda show.
The sellers, affiliates of Kishan Group, a Reno, Nevada-based family-run hospitality real estate firm, provided the buyers with $11.7 million in financing. Kishan paid a combined $8.3 million for the 19 condo-hotel units between 2001 and 2022, records show.
The units are on the ninth, 10th, 14th, 15th, 16th, 17th, 18th and 19th floors of Hotel Arya.
Kishan, led by Baldev Johal, Ranjit Johal, and Balbir Gosal, acquired the 31,000-square-foot commercial space and common areas from Sonesta International Hotels Corp. for $6.5 million in 2018, records show. The 31,000-square-foot space includes the 213-unit condo-hotel’s lobby, restaurant and event space.
At that same time, Kishan rebranded the property under the Hotel Arya, Best Western Premier Collection flag. The firm owns and operates 11 other hotels in Alaska, Louisiana, Montana and Nevada, according to Kishan’s website.
Condo-hotel deals are seeing a lot of action recently. This month, Canadian-based Heafey Group scored an $80 million refinancing of a loan secured by the Conrad Fort Lauderdale Beach condo-hotel. Ocean Bank provided the new mortgage for the 24-story project that includes a mix of 290 condos and condo-hotel units.
Also this month, Aventura-based BH Group and Hollywood-based Prime Group bought a 0.8-acre development site in Hallandale Beach for $6.5 million. The joint venture is planning a 14-story condo-hotel with 138 condo-hotel units, 60 standard condos and 4,000 square feet of retail space.
Last month, Vertical Developments and Urban Network Capital Group, both based in Miami, launched a partnership with a fashion media company for a branded condo-hotel in Edgewater. Elle Residences Miami, a 25-story tower with 180 condos and condo-hotel units, would be built on the half-acre site at 3618 Northeast Fifth Avenue.