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On behalf of RFR Holding Corp., Jones Lang LaSalle's Hotels & Hospitality team was retained to offer for sale the 251-room Continental South Beach after several attempts from ownership to dispose of the asset on their own. Offered unencumbered of brand and management, the Hotel, operating as a limited service property, features an expansive lobby area, swimming pool, direct beach access, a restaurant (currently closed), vacant retail space, two meeting rooms, and a three-bedroom apartment.The team marketed the Property to a wide range of investors, obtaining over 150 signed confidentiality agreements, and worked through challenges that were pivotal in pricing including negative cash-flow, unclaimed timeshare units, and renovation costs ($125k to $175k per key). The Insite Group prevailed with a purchase price of $61M. Having done all their diligence upfront including environment & engineering studies, Insite was in a position to post $5M earnest money and a 20-day closing period.
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