An unnamed Russian hotelier is looking to spring into the Miami hospitality market with a couple of major redos. Compass' Charles Celesia (here) helped to broker the sale of Harbor Beach Inn at 1147 Seabreeze Blvd in Fort Lauderdale, the second buy this year for Charles' client.
Earlier, the investor purchased The Blarney Castle Motel (below) at 2086 Harbor Drive. The investor paid nearly $6M for both hotels, encompassing 35 rooms in total, according to public information.
The two properties are "steps away from the Atlantic Ocean," Charles says. "It's the entry into the Fort Lauderdale market. He's been wanting to get into the market for awhile," Charles tells us.
Renovations are underway on the rooms, but the hotel should remain largely similar to how it operates now—it's a very limited service hotel with no room service or on-premise restaurant, which Charles says makes it affordable compared to hotels around it along A1A and on the beach (average $140/night room rate).
But, he notes the two hotels are contiguous, which could prove a future redevelopment opportunity. "I think it's also strategic long term," Charles says. But he has no plans of developing the property himself, or selling it in the future.
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