Urbanica Sells Miami Beach’s Meridian Avenue Hotel for $31M
Cambridge Lansdowne bought a historic South Beach hotel for $30.5 million, property records show.
The Meridian Hotel sits adjacent to 5th Street at 418 Meridian Avenue. Originally built in 1925, the four-story property holds 70 rooms and a pool. A nightly stay costs $159, as of April 8.
The Miami-based seller, Urbanica Hotels, bought the 16,110-square-foot building for just $5.5 million in 2013. Three years later, it doubled the size of the property, adding 16,749 square feet at the back, while keeping the original facade.
Urbanica, led by Charlie Porchetto and Diego Colmenero, own a slew of hotels, all under the Urbanica moniker, including one across the street from the Meridian Avenue location. It’s now developing Urbanica hotels further north on the island at 6747 Collins Avenue and across the bay in Edgewater, Porchetto told Commercial Observer.
The sale equates to $435,714 per unit. The buyer nabbed an $18.3 million loan from Bradesco BAC Florida Bank. The buyer is also based in Miami, and led by Pedro Miranda and Daniel Ribendoim Simon, who did not immediately respond to a request for comment.
Along 5th Street, less than a mile from the hotel, East End Capital and GreenOak Real Estate sold an office building for $52.3 million earlier this week.
Julia Echikson can be reached at email@example.com.