Barcelona Investor Buys Historic Miami Beach Hotel for $20M
The six-story building features 71 rooms and the Il Bolognese Italian restaurant on Ocean Drive
By Julia Echikson October 7, 2024 1:55 pm
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Grupo Hotusa paid $19.7 million for a historic hotel on Miami Beach’s Ocean Drive, property records show.
The six-story building houses 71 rooms and the Italian restaurant Il Bolognese on the ground floor at 1400 Ocean Drive, adjacent to 14th Street, toward the northern end of the promenade.
Late architect Albert Anis designed the 28,286-square-foot Art Deco building, which was completed in 1939. Grupo Hotusa has already renamed the property under its Eurostar brand. The Barcelona-based hospitality investor also operates the nearby 126-room Eurostars Langford in Downtown Miami.
The seller of the Miami Beach property, Hersha Hospitality Trust (HHM Hotels), purchased it for $15.7 million in 2013, according to property records.
The deal marks at least the second time HHM Hotels has offloaded a historic Miami Beach hotel for sale this year. In May, the Pennsylvania-based investor sold the Blue Moon Hotel along Collins Avenue for $17 million to Blue Suede Hospitality Group.
The deals came a year after KSL Capital Partners acquired HHM Hotels for about $1.4 billion and delisted the company from the New York stock exchange.
Representatives for KSL Capital Partners and Grupo Hotusa did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
