Texas and California-based TPG has been on a hotel buying spree in the Miami area since June
Global investment firm TPG continues its hotel buying spree in South Florida.
An affiliate of TPG paid $45.3 million for the 150-room AC Hotel Miami Beach at 2912 Collins Avenue, records show. The price represents what TPG paid for the real estate, but it is not the total price for the hotel asset, which the buyer and seller declined to disclose.
At $45.3 million, the price equates to $302,000 per room.
The seller is 2912 Collins Avenue LLC, tied to Miami Beach developer Robert Finvarb. Finvarb completed the seven-story hotel under Marriott’s AC Hotel brand in 2015, one year after purchasing the redevelopment site for $1.6 million.
The building features an eighth-floor rooftop pool with panoramic views, rooms with floor-to-ceiling glass, and a subterranean parking lot with more than 300 spaces. The property is located across the street from the Miami Beach Edition.
By Francisco Alvarado www.therealdeal.com
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