Douglas Elliman has announced the sale of Miami Beach’s Clinton Hotel for $28.5M.
The commercial division for the national real estate firm, lead in the South Florida market by David Restainer as Douglas Elliman Commercial Florida, was named exclusive broker to market this historic Art Deco property in 2014 and ushered the transaction to closing with a familiar buyer and Maryland-based seller.
The seller is East Coast Realty Ventures from Rockville, Maryland.
The buyer, Think Hotel Group, owns several hotels in the area at 21st Street in Miami Beach and closed in an all cash deal.
“This is the third hotel that Think Group has purchased with us in the last two years (The Plymouth and the Ansonia Hotels are currently under development),” said Restainer.
“It is a great pleasure working with Shawn Vardi and his team.
“They have great vision, a knack for unlocking value, are aggressive and get to the closing table.
“They are going to do amazing things to the hotel that will invigorate Washington Avenue.”
The Clinton Hotel is located on Washington Avenue at 8th Street, just two blocks from the pristine sands of South Beach.
It was originally built in 1934 with architectural design by Charles Neilder and recently underwent a meticulous refurbishment that restored the hotel to its former grandeur.
The restoration included the addition of two new stories and more than 5,500 square feet of retail space and upgraded food and beverage facilities.
Think Hotel Group will begin renovations and improvements immediately.
Leading efforts for the Clinton Hotel transaction alongside Restainer is Michael Hartman, a hospitality assets specialist with over 18 years in hotel ownership, development and operations. Restainer and Hartman both deliver valuable understanding of the South Florida market, with a combined residency of more than 24 years.
The pair each present an extensive background in the hospitality business.