South Miami-based real estate investment firm paid $436K per key
Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Hotel 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-based real estate investment firm bought the Art Deco historic building with 70 rooms at 418-420 Meridian Avenue, records show. Cambridge Lansdowne, led by co-founding partners Pedro Miranda and Daniel Ribenboim Simon, paid $435,714 per key.
The buyer obtained an $18.3 million mortgage from Bradesco BAC Florida Bank, records show.
Paul Weimer and Christian Charre with CBRE represented the buyer and the seller, an affiliate of Urbanica Hotels, led by principals Charlie Porchetto and Diego Colmenero.
In 2013, Urbanica Hotels paid $5.5 million for the four-story building completed in 1925, records show. Three years later, the Miami Beach-based hotel development company added 16,749 square feet at the back of the Meridian Hotel.