A Southern California investor paid $21.3 million for a Miami Beach, Florida, hotel and plans to renovate the property, which will operate under a new brand for the state.
Hawkins Way Capital acquired the 71-room Alden Hotel at 2925 Indian Creek in an off-market transaction from an ownership group that included SMS Lodging, according to JLL, which advised the buyer and seller on the deal. The CBRE brokerage represented the buyer.
Hawkins will make Alden part of Found Hotels, a new flag that caters to young professionals and offers private rooms and shared accommodations at reduced prices, CBRE’s Natalie Castillo said in an interview. Found Hotels has existing hotels in Chicago, Boston, San Diego and Washington, D.C., but none in Florida. The Found Places lifestyle network does operate two properties in Miami Beach geared to student housing, according to its website.
Alden is three blocks from the ocean. The previous owner acquired it as a condo-hotel and later converted the building to a hotel, JLL explained in a statement. It has a large lobby, as well as a basement that can be turned into an amenity, Castillo said.
She added that a renovation of the lobby and the rooms will give the hotel a “flair that will connect it to Miami Beach.” It is expected to remain open during the work, which is set to be complete by next summer, Castillo added.
Another nearby Miami Beach hotel, Freehand Miami, sold recently as part of a four-property, $400 million portfolio to London-based Queensgate Investments.
For the Record
CBRE’s Paul Weimer and Joshua Beene worked with Castillo on the Alden sale.
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