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Case Study

Iconic Hotel Sold in Miami Beach

​The iconic hotel opened in 1963 as the Doral Beach Hotel, the sister hotel to the Doral Country Club. It was long considered the most elegant and luxurious hotel on Miami Beach, winning several of the coveted Mobil Five Star awards and represented a home away from home for movie stars and presidents. Through the years and after several different owners and brands, Blackstone acquired the asset in 2005 as part of the Wyndham Portfolio and ran the hotel as an LXR hotel.

In 2012, on behalf of Blackstone, Jones Lang LaSalle’s Hotels & Hospitality Group was retained to offer for sale the fee-simple sale of the 424-room Miami Beach Resort & Spa (the “Property” or “Hotel”) located at 4833 Collins Avenue. The sale represented a rare-opportunity to acquire one of the few big box hotels on Miami Beach, unencumbered by brand and management, although with significant capital expenditures required to return the asset to its historic grandeur. JLL received over 10 bids at or above $100M, with three LOI’s offering no due diligence period and funding non-refundable deposits immediately.

For more information please contact Gregory Rumpel

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