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Florida & Gulf Coast  + Hospitality  |  August 12, 2019
David Cohen
By: David Cohen

Two Miami Beach Hotels Acquired by Deutsche, Bilgili, SHVO JV for $140M

SHVO, Bilgili Group and Deutsche Finance America acquired two Miami Beach hotels for a total of $139.9 million in a joint venture. The group paid $87.85 million for the Richmond Hotel at 1757 Collins Ave.,and $52 million for the South Seas at 1751 Collins Ave.

Amenities offered at the two adjacent hotels include swimming pools, poolside café and bar, complimentary breakfast and concierge service. The sale of the Richmond Hotel also included Richmond Apartments, an 18-unit apartment property located at 1757 James Ave., one block away from the hotels, as well as the apartment’s parking lot. The Richmond hotel is also located next door to The Raleigh hotel, which the JV purchased earlier this year for $103 million.

Lotus Capital Partners secured a $100 million acquisition loan on behalf of the JV from lender Acore Capital.

*Pictured above is the Richmond Hotel in Miami

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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