Blue Suede Hospitality Buys Another Miami Beach Hotel
By Julia Echikson May 27, 2024 7:11 pm
reprints
A month after purchasing a boutique Miami Beach hotel, Blue Suede Hospitality Group is at it again.
The New York-based investor paid $16.6 million for the Blue Moon Hotel, a historic, three-story property at 944 Collins Avenue, between 9th and 10th Street, property records show. Built in 1934, the building houses 75 rooms.
The transaction comes to roughly $221,000 per room. Back in 2013, the seller, Harrisburg, Pa.-based HHM Hotels, purchased the property for nearly the same price as the recent trade — $16.7 million, according to property records.
The reason for the $100,000 discount remains unclear, though last year KSL Capital Partners purchased HHM Hotels, formerly known as Hersha Hospitality Trust, for about $1.4 billion, delisting the company from the New York stock exchange.
Representatives for Blue Suede and HHM did not immediately respond to a request for comment.
The sale marks Blue Suede’s third acquisition in Miami Beach over the past year. Just last month, it purchased the former Kayak Hotel, again at a discount, paying $12.8 million. In 2023, it bought the South Beach Plaza Hotel for $26.5 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
