Three years after buying Sixty Sixty Resort in Miami Beach, the owners could lose the 82-key waterfront condo-hotel to foreclosure.
On June 27, De Paz Family Investment sued Bloom Hotels 6060 — which owns all the units at the 15-story building at 6060 Indian Creek Drive — as well as the property’s condo association and loan guarantors Daniel Araf, Todd Linden and Richard Valdes. The trio manage Miami-based entities that own Bloom Hotels 6060, corporate records show. Linden and Valdes lead Miami-based Circle Capital Partners.
De Paz alleges Bloom Hotels 6060 defaulted on a $21 million loan the condo-hotel ownership group obtained in 2023, the complaint states.
Araf, Linden and Valdes did not respond to requests for comment, and De Paz’s attorney declined comment.
In 2022, Bloom Hotels 6060 paid Miami-based Integra Investments and Sagar Desai’s Activate Hospitality $23.5 million for Sixty Sixty’s 82 units, records show.
At the time, Miami-based Bloom Ventures, led by CEO David Harari, was reportedly lead partner of Bloom Hotels 6060. The firm planned to operate Sixty Sixty as a full hotel, possibly under a Hilton brand, expand the room count and renovate the building.
Harari did not respond to an email requesting comment.
In its lawsuit, De Paz alleges that Bloom Hotels 6060 entered into two forbearance agreements in February and June of last year when the borrower allegedly missed interest payments. In November, the lender and Bloom Hotels 6060 entered into a third forbearance agreement providing that the mortgage be paid in full on May 30. Bloom Hotels 6060 failed to repay the note by the maturity date, the complaint states.
In addition, Bloom Hotels 6060 hasn’t paid real estate taxes on the Sixty Sixty units for 2024, which also triggered a default, De Paz alleges. Completed in 1992, the resort was converted into a condo-hotel in 2005.
Court records also show that a Delaware entity last year sued an affiliate of Bloom Hotels 6060 and Araf. The pending complaint alleges the affiliate failed to return a $2 million deposit after the Delaware entity backed out of a $6.3 million purchase of a 50 percent stake in Bloom Hotels 6060.
