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Clinton Hotel & Spa Sells for $19M
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Clinton Hotel & Spa Sells for $19M
East Coast Realty Ventures Purchases 89-Room Hotel in Miami Beach
East Coast Realty Ventures of Washington, D.C. has acquired the Clinton Hotel & Spa, an 89-room hotel in Miami Beach, FL, for $19 million, or about $215,000 per room. The seller was Clinton Hotel Investors.
The deal finalized this month following six months of negotiations. The property traded with a cap rate of 8.5%, the highest in Miami Beach, according to John Delbeke of South Beach Investment Realty Inc., who listed the property from the seller. Lawrence Usher of Marcus & Millichap represented East Coast Realty Ventures.
Located at 825 Washington Ave., the hotel opened in 2004. It features an outdoor pool, restaurant/bar, fitness center, spa, and a reflecting pool.
For more information, please see CoStar COMP #1329539. |
Posted date : (2007-07-05) |
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