M&M Facilitates Sale Of Leslie Hotel

11/4/2009 8:14:30 AM

M&M Facilitates Sale Of Leslie Hotel

M&M Facilitates Sale Of Leslie Hotel 

 
Miami Beach - Marcus & Millichap Real Estate Investment Services has announced the sale of Leslie Hotel, a vacant, 48-room, Ocean Drive hotel in Miami Beach, Fla according to Kirk Felci, Vice President/Regional Manager of the Miami office.  The asset commanded a sales price of $8.05 million.
Vice President Investments Mark J. Wohl, Senior Associate Jason C. Goldfarb and Associate Lawrence M. Usher, of the Miami office represented the seller of the property, Leslie Beach Associates, LLC. The listings agents also secured the buyer, a local Miami hotel owner.
  “The buyers feel very optimistic and see this new acquisition as a great addition to their hotel portfolio through economies of scale.  Their intentions are to completely rehabilitate the vacant property and open their doors within the next two years or less. The demand & pricing of the hotel’s ground floor retail along Ocean Drive is the real hidden value in this deal,” says Wohl.
“We were able to procure 15 offers from highly qualified buyers with various visions for the property.  This is a perfect example of the effectiveness of our national marketing platform, our process, brokerage skills and creation of competition that empowers us to close a high-profile property with many physical challenges and necessary improvements in a volatile and uncertain market,” says Goldfarb. 

Leslie Hotel is located at 1244 Ocean Drive in Miami Beach, Fla. 


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