Buyer has been operating the Fairwind Miami Beach hotel prior to purchase
The Chetrit Group sold a Miami Beach apartment hotel to its operator for $42 million, The Real Deal has learned.
Royal Stays Miami, led by Yedidiah Buchwald, acquired the 104-key property at 1000, 1020 and 1030 Collins Avenue, according to a source. Royal Stays has been operating the property under a leasehold agreement since 2018.
The deal breaks down to neary $404,000 per room.
The buyer financed the acquisition with a $28 million loan from Maxim Capital Group, brokered by Meridian Capital Group. Maxim Capital Group declined to comment.
Chetrit affiliate CG Fairwinds LLC paid $14.5 million for the three-parcel assemblage in 2012, according to property records. The buildings were developed as far back as 1936, and were renovated prior to the pandemic. They sit on a 0.7-acre lot.