July 18, 2024

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Cambridge Lansdowne Buys South Beach Meridian Hotel For $31M

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From remaining: Urbanica Resort companions Diego Colmenero and Charlie Porchetto in entrance of the Urbanica Meridian Lodge at 418 Meridian Avenue in Miami Seashore (Urbanica Accommodations, Google Maps)

Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Lodge in Miami Beach’s South of Fifth neighborhood, marking the 3rd offer this month in the tri-county region’s resurgent hospitality sector.

An affiliate of the South Miami-centered true estate investment decision company purchased the Art Deco historic constructing with 70 rooms at 418-420 Meridian Avenue, documents demonstrate. Cambridge Lansdowne, led by co-founding associates Pedro Miranda and Daniel Ribenboim Simon, paid out $435,714 for each essential.

The buyer acquired an $18.3 million property finance loan from Bradesco BAC Florida Lender, records show.

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 Lodges paid out $5.5 million for the four-story creating finished in 1925, documents show. 3 a long time later, the Miami Beach front-based mostly lodge growth company included 16,749 sq. toes at the again of the Meridian Lodge.

Cambridge Lansdowne’s invest in will come on the heels of yet another major lodge deal in South Florida. Electra The us Hospitality Group and Korman Communities paid $83.9 million for a 217-micro-device rental creating in downtown West Palm Seaside that was not too long ago reworked into an AKA Resort. Also this month, Bethesda, Maryland-based DiamondRock Hospitality acquired a Kimpton-branded lodge in Fort Lauderdale for $18.9 million.

And in February, Utah-primarily based Dynamic Town Money compensated $74.3 million for a new AC Lodge by Marriott near the beach front in Fort Lauderdale.

New resort projects are also in the is effective, including a Tru by Hilton in Miramar and a Courtyard by Marriott in Hollywood.

The Meridian Hotel’s new operator is a clean player in the South Florida real estate sector. Cambridge Lansdowne was fashioned in February, in accordance to Florida company data. Its principals have true estate investments in other areas of the U.S. and South The us.

Miranda is co-founder and managing principal of Cambridge Landmark, a Miami-centered genuine estate expenditure organization that owns two hotels in Orlando, and a person resort just about every in Milwaukee, Philadelphia and Sacramento, in accordance to the company’s internet site.

Simon is the portfolio manager for Newfoundland Funds Administration, a Sao Paulo-based mostly personal fairness firm that focuses on genuine estate investments in South The usa, according to the company’s site.

With the sale of Urbanica Meridian, Urbanica Accommodations designs to focus on the firm’s new flagship assignments, according to a press release. The enterprise is producing a pair of 200-space motels called Urbanica Seaside in Miami Beach’s North Beach front community, and Urbanica Biscayne in Miami’s Edgewater community.

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