Miami company acquires One Bal Harbour hotel

The One Bal Harbour hotel in Miami has been sold to Lionstone Development. The South Florida Business Journal reports that the common area property plus 51 units of the hotel at 10295 Collins Avenue were sold for $13.4 million to the condominium association at a bankruptcy auction.

Ritz-Carlton will reportedly manage the hotel going forward.

The condo hotel has been tied up by litigation since developer WCI Communities filed Chapter 11 in 2008.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The hotel has 185 private residences and 124 hotel condo units. The owner of the common area controls the hotel’s management.

The seller was represented by Steven Carlyle Cronig, a partner in the Coral Gables office of Hinshaw & Culbertson.

Headed by Alfredo Lowenstein and Diego Lowenstein, Lionstone Development also owns the Ritz-Carlton South Beach, the Epic Hotel & Residences in Miami and other hotels.



Suggested Articles

The REIT said that it does not expect to see a meaningful increase in demand for its portfolio until there are COVID-19 medical solutions in place.

U.S. occupancy has risen week over week for 15 of the last 16 weeks, although growth in demand has slowed.

A strong balance sheet and the appeal of drive-to destinations is giving the company's leaders reasons for hope.