August 12, 2019
SHVO, Bilgili Group and Deutsche Finance America acquired two Miami Beach hotels for a total of $139.9 million in a joint venture. The group paid $87.85 million for the Richmond Hotel at 1757 Collins Ave.,and $52 million for the South Seas at 1751 Collins Ave.
Amenities offered at the two adjacent hotels include swimming pools, poolside café and bar, complimentary breakfast and concierge service. The sale of the Richmond Hotel also included Richmond Apartments, an 18-unit apartment property located at 1757 James Ave., one block away from the hotels, as well as the apartment’s parking lot. The Richmond hotel is also located next door to The Raleigh hotel, which the JV purchased earlier this year for $103 million.
Lotus Capital Partners secured a $100 million acquisition loan on behalf of the JV from lender Acore Capital.
*Pictured above is the Richmond Hotel in Miami
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