Süzer Group bought a majority stake in the Moxy Miami Wynwood hotel for $99 million, The Real Deal has learned.
The Istanbul-based firm purchased a 52 percent stake in the eight-story, 120-key building at 255 Northwest 25th Street in Miami, Baran Süzer said. The deal, which closed on Thursday, includes the Sparrow Italia and Casa Madera restaurant spaces in the building.
Seller DolphinBay Hospitality, a joint venture between Dolphin Capital Partners and Baywood Hotels, kept the remaining 48 percent stake in the property, according to Süzer, vice chairman of Süzer Group.
Jordan Karp represented the buyer and the seller.
DolphinBay completed the Kobi Karp-designed hotel in October. The firm had paid $11 million for the 0.4-acre Wynwood site in 2019, records show.
It marked the second Moxy hotel in South Florida, after the seven-story, 202-key Moxy at 915 Washington Avenue in South Beach.
Süzer and hospitality firm Noble 33 are in talks about opening a lounge and nightclub on Moxy’s rooftop in Wynwood by the summer, Baran Süzer said. Noble 33 operates the ground-floor Sparrow Italia and seventh-floor Casa Madera.
Süzer, a firm founded in 1952 by Hasan Süzer, focuses on real estate, tourism, finance and energy investments, according to its website. Its holdings include Croatia-based KentBank, which has 18 branches and does business across the European Union. It also owns the Ritz-Carlton, Istanbul; and the Design Plus Seya Beach Hotel Alacati in a southern area of Turkey.
Süzer is led by Baran Süzer and CEO Sami Çakır.
In April, the firm and the Toledano family’s Aventura-based BH Group went under contract for an undisclosed amount for the 50-story, 148-unit W Miami hotel at 485 Brickell Avenue in Miami. Süzer is no longer pursuing the deal after negotiations on the purchase price fell through, Baran Süzer said.
Elsewhere in South Florida, Süzer partnered with Israel-based ASRR Capital, controlled by then-partners Alex Sapir and Rotem Rosen, in 2015 on the $40 million purchase of a Surfside development site at 8955 Collins Avenue. They originally planned a luxury hotel in partnership with Turkish businesswoman Ozlem Onal. In 2017, ASRR and Onal bought out Süzer, and completed the 12-story, 16-unit Arte Surfside condo project on the site in 2020.
