Starwood Buys Standard Hotel in Miami Beach for $62M

BARRY STERNLICHT
Barry Sternlicht – Photo: Craig Barritt/Getty via www.commercialobserver.com

Starwood Capital Group swapped a mall for a hotel in Miami.

The real estate behemoth, led by billionaire Barry Sternlicht, bought the Standard Hotel in Miami Beach for $62 million, according to property records.

Located on Belle Isle at 40 Island Avenue, the three-story establishment holds 100 rooms, which cost more than $300 a night in the midst of the high season.

The deal equates to $620,000 per room. Sternlicht’s family office, JAWS Estates Capital, loaned $49.6 million for the acquisition, per records.

The seller purchased the 83,978-square-foot property for $34 million in April 2008, only months before the financial meltdown, per records. The entity is tied to Sandra Ortega Mera and Marcos Ortega Mera, the children of Spanish billionaire and Zara founder Amancio Ortega, according to The Real Deal, which first reported the deal.

By Julia Echikson  www.commercialobserver.com
Read the full story  www.commercialobserver.com

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