Toronto firm picks up Ocean Drive hotel for $39M

Toronto firm picks up Ocean Drive hotel for $39M via www.therealdeal.com
Moto Capital Group’s Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty) via www.therealdeal.com

Moto Capital, Leste completed a UCC foreclosure of the Lord Balfour in 2020

A Toronto-based investment firm paid $39.3 million for the Lord Balfour hotel on Ocean Drive in Miami Beach.

The property, now called the Balfour Hotel, had been subject to an out-of-court UCC foreclosure about two years ago. It was also at the center of a lawsuit filed last year by its former co-owner and operator, Life House hotels.

An entity led by Marcos Lima of Moto Capital Group sold the 81-key hotel at 350 and 344 Ocean Drive to Catalyst Balfour Property LLC. The buyer is an affiliate of Toronto, Canada-based private equity firm Catalyst Capital Group. It financed the acquisition with a $20 million loan from Madison Newbond, the institutional lending platform of New York-based Madison Realty Capital and Newbond Holdings, according to a press release.

The property traded for about $485,000 per key.

By Katherine Kallergis for: www.therealdeal.com
Read the full story at: www.therealdeal.com

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