Sales  ·  Hotels

Blue Suede Hospitality Buys Another Miami Beach Hotel

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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.

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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.