A French hotelier bought the Kimpton Angler’s Hotel in Miami Beach for $43.5 million, marking one of the priciest hotel sales recorded in the city this year.
Hotels Investment and Management Team LLC, led by Philippe Le Guennec, bought the 132-key property at 600 Washington Avenue. Property records show San Francisco-based KHP Capital Partners sold the nearly 1-acre complex.
The trade breaks down to about $330,000 per room, or about $430 per square foot. The price includes furniture, fixtures and equipment.
The deal is a return to Miami Beach for Le Guennec, who bought and sold a smaller Washington Avenue hotel years ago. Le Guennec owns a collection of 10 hotels in Paris. He plans to brand and manage the Angler’s himself eventually, said commercial agent Susan Gale of Gale International at One Sotheby’s International Realty. Gale represented the buyer in the latest sale, alongside attorney Chad Freedman of Ballaga, Freedman & Atkins.
Alex Lalos of Hodges Ward Elliott represented the seller.
The Angler’s includes two pools, three food and beverage outlets, an underground parking garage, 2.400 square feet of retail event space, and 1,100 square feet of meeting space, Gale said. The property sold in 2013 for $5.4 million. The previous owners built a five-story addition in 2018.
The buyer, who financed the purchase with 50 percent financing, plans to spend millions of dollars to renovate the property. The original structure was built in 1923 and 1930.
Gale said the deal was “very competitive” and is indicative of an increase in demand for hotels. She’s seeing more prospective buyers from Europe.
Prior to this deal, “there haven’t been that many sales,” Gale said. Many hotel sellers haven’t been realistic about pricing, she added.
The priciest sale of an operating hotel — not for redevelopment — in Miami-Dade County this year was the $300 million trade of East Miami at Brickell City Center. Trinity Investments and Certares sold the 352-key hotel to Blackstone. The deed was recorded at $147.8 million, which likely excluded what Blackstone paid for furniture, fixtures and equipment.
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