Chetrit Group sells Miami Beach hotel for $42M
Excerpt from The Real Deal website: The Chetrit Group sold a Miami Beach apartment hotel to its operator for $42 million, The Real Deal has learned.
Royal Stays Miami, led by Yedidiah Buchwald, acquired the 104-key property at 1000, 1020 and 1030 Collins Avenue, according to a source. Royal Stays has been operating the property under a leasehold agreement since 2018. The deal breaks down to nearly $404,000 per room. The buyer financed the acquisition with a $28 million loan from Maxim Capital Group, brokered by Meridian Capital Group. Maxim Capital Group declined to comment.
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