From left: Urbanica Lodge partners Diego Colmenero and Charlie Porchetto in front of the Urbanica Meridian Resort at 418 Meridian Avenue in Miami Beach (Urbanica Accommodations, Google Maps)
Cambridge Lansdowne paid out $30.5 million for the Urbanica Meridian Resort in Miami Beach’s South of Fifth neighborhood, marking the third deal this month in the tri-county region’s resurgent hospitality sector.
An affiliate of the South Miami-centered actual estate investment decision organization bought the Artwork Deco historic setting up with 70 rooms at 418-420 Meridian Avenue, documents demonstrate. Cambridge Lansdowne, led by co-founding partners Pedro Miranda and Daniel Ribenboim Simon, paid $435,714 for every crucial.
The consumer attained an $18.3 million house loan from Bradesco BAC Florida Lender, documents demonstrate.
Paul Weimer and Christian Charre with CBRE represented the buyer and the vendor, an affiliate of Urbanica Accommodations, led by principals Charlie Porchetto and Diego Colmenero.
In 2013, Urbanica Hotels paid $5.5 million for the 4-tale creating accomplished in 1925, records clearly show. A few years later, the Miami Beach-based resort development corporation extra 16,749 sq. feet at the back of the Meridian Lodge.
Cambridge Lansdowne’s order will come on the heels of one more significant resort offer in South Florida. Electra The us Hospitality Team and Korman Communities paid out $83.9 million for a 217-micro-unit rental constructing in downtown West Palm Beach front that was just lately remodeled into an AKA Resort. Also this thirty day period, Bethesda, Maryland-centered DiamondRock Hospitality bought a Kimpton-branded resort in Fort Lauderdale for $18.9 million.
And in February, Utah-dependent Dynamic Metropolis Funds paid $74.3 million for a new AC Lodge by Marriott close to the seaside in Fort Lauderdale.
New lodge projects are also in the functions, together with a Tru by Hilton in Miramar and a Courtyard by Marriott in Hollywood.
The Meridian Hotel’s new proprietor is a clean player in the South Florida true estate sector. Cambridge Lansdowne was fashioned in February, according to Florida company documents. Its principals have true estate investments in other parts of the U.S. and South The united states.
Miranda is co-founder and running principal of Cambridge Landmark, a Miami-primarily based genuine estate expense business that owns two resorts in Orlando, and one particular lodge each individual in Milwaukee, Philadelphia and Sacramento, according to the company’s site.
Simon is the portfolio supervisor for Newfoundland Cash Administration, a Sao Paulo-centered personal equity organization that focuses on true estate investments in South America, in accordance to the company’s internet site.
With the sale of Urbanica Meridian, Urbanica Inns strategies to focus on the firm’s new flagship initiatives, according to a press launch. The company is building a pair of 200-home accommodations termed Urbanica Beach in Miami Beach’s North Seaside community, and Urbanica Biscayne in Miami’s Edgewater neighborhood.