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Miami Beach and West Palm hotels sell for combined $40M

Miami Beach and West Palm hotels sell for combined $40M
La Quinta Inn & Suites by Wyndham West Palm Beach Airport at 1910 Palm Beach Lakes Boulevard, South Beach Plaza Hotel at 1401 Collins Avenue, and The South Beach Plaza Villas at 1411 Collins Avenue in Miami Beach; Blue Suede Hospitality Group’s Kenny Lipschutz (Wyndham La Quinta WPB Airport, Google Maps, Linkedin) via www.therealdeal.com

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
Read the full story at: www.therealdeal.com

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