Pair of properties in South Beach trade for $27M, one in West Palm for $13M
A New York-based firm scooped up a pair of Miami Beach hotels, while an Orlando-based family office purchased a La Quinta Inn in West Palm Beach.
New York-based Blue Suede Hospitality bought the South Beach Plaza Hotel at 1401 Collins Avenue and The South Beach Plaza Villas at 1411 Collins Avenue in one deal for $26.5 million, according to records and real estate database Vizzda. In the other purchase, husband-and-wife Salim and Sapna Premji of Orlando bought the La Quinta Inn & Suites by Wyndham West Palm Beach Airport at 1910 Palm Beach Lakes Boulevard for $13.3 million.
Blue Suede’s purchase of both properties breaks down to $335,443 per room.
Sellers Fahr Juneja, Abdul Buridi, Naveed Chowan, and Arif Butt sold the South Beach hotels through separate entities. Records show that their affiliates paid $12.3 million for the properties in 2009.
By Lidia Dinkova for www.therealdeal.com
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