RC Law Advised on the Sale of the Greenview Hotel in Miami
RC Law acted as counsel to Greenview Hotel LLC in its sale of the 45-key Greenview Hotel, a boutique hotel located in the Art Deco District of Miami Beach, Florida. The purchaser is an entity tied to investor Steven Oved.
Press Release by CBRE – Sale of boutique hotel in Miami Beach arranged by CBRE Hotels
CBRE has arranged the sale of Greenview Hotel, a 45-key boutique hotel located at 1671 Washington Ave. in Miami Beach, Fla. A private investor purchased the property for under $15 million.
Natalie Castillo and Austin LaPoten with CBRE Hotels represented the seller, Greenview Hotel LLC, in the transaction.
“The Greenview Hotel’s beautiful Art Deco design, great condition and location among world-class developments made it a perfect fit for the buyer, an owner-operator of other Miami Beach hotels looking to expand their portfolio,” said CBRE Senior Vice President Natalie Castillo. “South Beach’s high barrier to entry, this sale and the adjacent construction of the Thompson Hotel South Beach underscores the desire for boutique hotels in the submarket.”
The historic Greenview Hotel sits in the heart of the Art Deco District of South Beach, located across from the New World Symphony, The Fillmore and the recently expanded Miami Beach Convention Center. Its less than two blocks to the beach and within a block to Lincoln Road, home to more than 800,000 square feet of dining and shopping options, as well as seasonal events during Miami Swim Week, Art Basel and others.
Source: https://www.cbre.com/press-releases/sale-of-boutique-hotel-in-miami-beach-arranged-by-cbre-hotels
Press Release by Commercial Observer – Steven Oved Buys Boutique South Beach Hotel for $15M
The boutique Greenview Hotel in Miami Beach, Fla., has traded for $15 million. An entity tied to investor Steven Oved was the buyer of the 45-key hotel at 1671 Washington Avenue, just north of Lincoln Road.
The hotel was built in 1939 in classic Art Deco style, and its facade was restored while it was owned by Marcelo Tenenbaum of Blue Road Development, which purchased the hotel for $1.1 million back in 2010, according to property records. SEE ALSO: Upper West Side Mixed-Use Property Changes Hands for $120M
Blue Road, led by Tenenbaum and Jorge Savloff, listed the property for sale — for $15 million — in 2020 along with another hotel it owned, the Casa Hotel on Washington Avenue, The Real Deal reported at the time.
While the Greenview Hotel has not been sold since 2010, Tenenbaum and Savloff are no longer part of the property’s ownership. Both were removed from the owner entity, Greenview Hotel LLC, in 2021, according to state documents. A recent lawsuit filed in Miami-Dade Circuit Court involving Greenview identifies the principals as real estate broker Roberto Camilo Matarraz and Pedro Miguel Rodriguez, so it’s not entirely clear who controls the property.
Oved, with his partner Jack Avid, have made several purchases in South Florida over the years, including an apartment portfolio in Broward County in 2019 and an apartment building in Coconut Grove in 2016, The Real Deal has reported.
CBRE’s Natalie Castillo and Austin LaPoten executed the Greenview deal on behalf of the seller.
Blue Road did not immediately respond to a request for comment. Oved could not be reached for comment.
Source: https://commercialobserver.com/2023/05/steven-oved-buys-boutique-south-beach-hotel-for-15m/
