Miami, FL
RFR Buys Downtown Miami Hotel For $26M
RFR Holding’s Aby Rosen and the Yve Lodge Miami at 316 Northeast Second Avenue (Getty Photos, Google Maps, iStock)
In a four-month span, Aby Rosen’s RFR Holding paid practically $107 million for 2 adjoining downtown Miami properties, together with a latest $25.7 million lodge buy.
An affiliate of New York-based RFR acquired the Yve Lodge Miami at 316 Northeast Second Avenue, also called 146 Biscayne Boulevard, in response to information. RFR paid $106,846 per key for the 241-room lodge accomplished in 1926.
The customer obtained a $39.6 million mortgage from an affiliate of New York-based MSD Companions, information present. Gregg Fierman at McDermott Will & Emery represented the client.
Michael Gallinar of Adams Gallinar represented the vendor, an affiliate of Host Inns & Resorts, a publicly traded hospitality improvement agency primarily based in Bethesda, Maryland. The vendor unloaded the 17-story constructing for $32 million lower than its buy value seven years in the past. In 2014, Host paid $57.5 million, in response to information.
In January, RFR closed an $81.1 million deal for 100 Biscayne, a 30-story workplace tower subsequent door to Yve Lodge Miami, information present. Rosen’s agency purchased the constructing from a partnership led by East Finish Capital that had been mired in litigation over allegations of mismanagement. MSD Companions additionally offered RFR with a $67 million mortgage for the 100 Biscayne buy, information present.
RFR additionally owns the W South Seaside and a retail constructing on Miami Seaside’s Lincoln Highway.
Lodge properties in South Florida are abruptly scorching once more. The area has seen 4 lodge offers this month, together with RFR’s buy of Yves Lodge Miami. Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Lodge in Miami Seaside’s South of Fifth neighborhood, DiamondRock Hospitality purchased a Kimpton-branded lodge in Fort Lauderdale for $18.9 million, and a partnership between Electra America Hospitality Group and Korman Communities paid $83.9 million for a 217-micro-unit constructing in West Palm Seaside that was transformed into an AKA Lodge.