| Broker guides $19 million sale of Miami Beach hotel |
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By Daily Business Review
Dealmakers: Broker Jean Louis Delbeke
The Deal: Delbeke represented the seller in the $19 million sale of the Clinton Hotel and Spa in Miami Beach to North Bethesda, Md.-based East Coast Realty Ventures on June 14.
Details: The 89-room hotel on a 13,000-square-foot lot at 825 Washington Ave. was opened by New York-based Clinton Hotel Investors in 2004 with a historical Art Deco exterior and a contemporary interior. Simon Nemni, a former women’s apparel maker, is a principal of the company and wanted to cash out.
"With a net operating income like this one, it was the best deal on South Beach," Delbeke said.
Designed by French achitect Eric Raphi, the hotel has five ground-floor commercial spaces, meeting facilities, a fitness center, outdoor swimming pool, reflecting pool, restaurant and lobby bar.
Delbeke met the hotel owners through a general contractor who was a mutual acquaintance.
Negotiations took six months, and the contract was signed in February. East Coast, a real estate investment company specializing in the tenant-in-common market, was represented by Lawrence Usher at Marcus & Millichap.
Background: Delbeke is a broker associate at South Beach Investment Realty
Contact: Jean-Louis Delbeke
Real Estate Broker
1653 Collins Ave.
Miami Beach, FL 33139
305-305-0660
jldmiami@bellsouth.net
