Developer pays $28M for three Miami Beach hotels

Ocean Surf Hotel, map of hotels sold and Hawaii Hotel
Ocean Surf Hotel, map of hotels sold and Hawaii Hotel

A Miami-based developer purchased three hotels in North Beach this week, Miami-Dade County records show.

Megapolis Corp. sold three 7,500-square foot lots on Ocean Terrace, all of which face the ocean, to an affiliate of Claro Development for a total of $28 million.

Two of the hotels are adjacent to each other. Megapolis sold both for $16.5 million. The Ocean Surf, at 7436 Ocean Terrace, is a 49-room, three-story hotel that last sold for $2.95 million in May 2004. The 16,244-square-foot building was built in 1940, according to Miami-Dade County property records. Architect Anton Skislewicz designed the building, according to Ocean Surf’s website.

The second hotel, at 7430 Ocean Terrace, is a 39-room, two-story Hawaii Hotel, which last sold for $5.2 million in May 2008. Megapolis and Casa Bella Toy 14 sold the 10,143-square-foot building.

The third hotel, two blocks south, sold for $11.5 million. The 10,260-square-foot Ocean Surf Blue hotel has 39 rooms and two stories. It was built in 1951 and last sold for $3 million in September 2006. Legacy International Realty had the listing for the Ocean Surf Blue, according to Loopnet.

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Kensu Partners has owned the hotel in between the three sold hotels, at 7420 Ocean Terrace, since 2002.

Up the block, Claro Development bought the Days Inn & Suites for $29.25 million in December.

Francisco Martinez-Miyashiki is listed as a registered agent on the seller’s corporate records. Miyashiki is vice president of Pegaso Corp., a Miami-based real estate company.

The deals closed on March 9. Claro Development’s clients include The Standard Miami, The Raleigh Hotel, Faena Hotel & Residences and The Essex Hotel.