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Tuesday, August 10, 2010

Fortune International Management Sells Miami Hotel

Miami Beach, Florida- Net Lease Properties news for today is coming from the Hotel Business in Miami Beach. The Seville Hotel has been purchased by the famous hotelier Ian Schrager and Marriott for $57.5 million. Marriott has plans to redevelop the hotel into a boutique brand called Edition. The Seville Hotel is a 12-story, 400-room commercial real estate property. The Hotel has The 278,547 square-feet and was built in 1955.

The previous owner of this Commercial Real Estate was 2901 Beach Ventures, which consisted of two equal partners, Lionstone Group and Fortune International Management. A partner with Arnstein & Lehr, lead the negotiations for the Sellers Group regarding the underlying loan with FirstBank Puerto Rico that resulted in the sale of the Seville Hotel to Marriott and hotelier Ian Schrager. The purchase price for the Hotel was for $57.5 million. We believe this was a Short Sale with almost $10 million being dismissed from the first mortgage value.

The famous hotelier, Ian Schrager, helped restart South Beach with his launch of the Delano hotel 15 years ago. Ian Schrager left Miami Beach a few years ago with the sale of his interest in the Morgans Hotel Group.

It is rare to find any net lease properties in Miami Beach. We do see a Retail Property, Free Standing Building as a Net Lease Investment with 10+ years left on the lease, in Miami. The Net Lease Property is marketed as a 8.50% Cap Rate.

Net Lease Properties & Non Recourse Loans

If you feel this is the right time to invest in Commercial Real Estate, Multi-Family Apartment Buildings, Major Hotels or Net Lease Properties then contact us, HERE. We can also assist you with your Non Recourse Loan and Net Lease Property Funding to purchase a new property.

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