La Quinta Inn & Suites by Wyndham West Palm Seashore Airport at 1910 Palm Seashore Lakes Boulevard, South Seashore Plaza Hotel at 1401 Collins Avenue and The South Beach Plaza Villas at 1411 Collins Avenue in Miami Beach Blue Suede Hospitality Group’s Kenny Lipschutz (Wyndham La Quinta WPB Airport, Google Maps, Linkedin)
A New York-dependent agency scooped up a pair of Miami Beach hotels, though an Orlando-primarily based family place of work ordered a La Quinta Inn in West Palm Beach front.
New York-dependent Blue Suede Hospitality bought the South Seashore Plaza Lodge at 1401 Collins Avenue and The South Beach front Plaza Villas at 1411 Collins Avenue in one particular deal for $26.5 million, according to data and authentic estate database Vizzda. In the other buy, partner-and-wife Salim and Sapna Premji of Orlando bought the La Quinta Inn & Suites by Wyndham West Palm Beach Airport at 1910 Palm Beach front Lakes Boulevard for $13.3 million.
The three-story, 55-vital South Seashore Plaza was completed in 1936, and the two-story, 24-vital The South Beach Plaza Villas in 1934, assets and Vizzda information exhibit. Every single of the Artwork Deco-fashion buildings sits on a quarter-acre ton.
Blue Suede’s invest in of both homes breaks down to $335,443 for each place.
Sellers Fahr Juneja, Abdul Buridi, Naveed Chowan and Arif Butt bought the South Beach front hotels by means of different entities. Information demonstrate that their affiliate marketers paid $12.3 million for the attributes in 2009.
Blue Suede, established in 2020, also has inns in Memphis, Tennessee and Ann Arbor, Michigan, in accordance to its LinkedIn web page. Kenny Lipschutz is CEO.
In the West Palm offer, the Premjis purchased the six-story, 103-vital La Quinta Inn with the aid of a $7 million financial loan from Wauchula Condition Bank, in accordance to information and Vizzda. The hotel was completed in 1989 on 1.5 acres.
Natalie Castillo of CBRE represented the vendor, an entity led by Paul Womble.
The deal marks the Premjis’ initially investment decision in Florida’s hospitality market place, Salim Premji mentioned. The pair started investing in motels in 2017, amassing an eight-residence portfolio in Ga.
Their La Quinta Inn purchase breaks down to $128,722 for each critical.
The offers occur on the heels of a number of large-priced hotel sales throughout South Florida.
MCR, billed as the fourth greatest lodge owner-operator nationwide, dropped $118.3 million for the 508-key Hilton Miami Airport Blue Lagoon at 5101 Blue Lagoon Generate, close to the Waterford Business District, this thirty day period. That adopted MCR’s $16.6 million order in December of the 135-important Hyatt Position Miami Airport East at 3549 Le Jeune Highway in Miami.
In Hollywood, Trinity Investments and Credit history Suisse Asset Management paid out $850 million for the 1,000-important Diplomat Beach front Vacation resort at 3555 Ocean Travel, two garages with retail and two buildable websites, this month. The customers tapped Related Group and BH Team to create a pair of towers on the oceanfront progress internet sites.
The Diplomat sale marked the most significant resort deal in the U.S. since early 2020.
