East Coast Realty Ventures sells Miami's Clinton Hotel for $28.5 million

Miami Beach’s Clinton Hotel sold for $28.5M this week. The Commercial division for national real estate firm Douglas Elliman, lead in the South Florida market by David Restainer as Douglas Elliman Commercial Florida, was named exclusive broker to market the historic Art Deco property in 2014.
The seller is East Coast Realty Ventures (ECRV Clinton LLC) from Rockville, Maryland. The buyer, Think Hotel Group, owns several hotels in the area at 21st Street in Miami Beach and closed in an all cash deal. 
In a statement, Restainer noted that this is the third hotel that Think Group has purchased with us in the last two years—the Plymouth and the Ansonia Hotels are currently under development).
The Clinton Hotel is located on Washington Avenue at 8th Street, just two blocks from the pristine sands of South Beach. It was originally built in 1934 with architectural design by Charles Neilder and recently emerged from a refurbishment that included the addition of two new stories and more than 5,500 square feet of retail space and upgraded food and beverage facilities.  Think Hotel Group will begin renovations and improvements immediately.
Leading efforts for the Clinton Hotel transaction alongside Restainer is Michael Hartman, a hospitality assets specialist with more than 18 years in hotel ownership, development and operations. 

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