According to a recent article from The Real Deal, the Sagamore Hotel, located at 1671 Collins Avenue in South Beach, has recently been listed for sale. The hotel had filed for bankruptcy in 2011, and it appears as if they are still experiencing financial hardships. Although the marketing of the property has been kept quiet, the asking price has been reported at about $60 million. The Sagamore Hotel is best known for the extensive art collection on display in the lobby.
Originally built in 1948, the 93-room hotel includes approximately 92,000 square feet on the 43,125-square-foot parcel. The Sagamore refers to itself as “The Art Hotel” thanks to the collection of photography, sculpture and video on display in the common areas and event space, including the Gallery Dining Room and Art Video Bar Lounge. The hotel owner’s, Sagamore Partners Ltd., including principals Martin Taplin and Neil Sazant of Martin W Taplin & Associates, filed for Chapter 11 bankruptcy protection in October 2011 in order to protect the hotel from a foreclosure suit that was filed after they defaulted on the $31.5 million mortgage. The five-story hotel last sold in 1997 for $315,000. The asking price of $60 million breaks down to approximately $652 per square foot, or $645,161 per room.
In the last year, oceanfront hotels in South Beach have exchanged hands for record breaking prices. The James Royal Palm, located less than two blocks from the Sagamore, was sold for $278 million, or $707,000 per room to the Chesapeake Lodging Trust. A majority stake in Key Biscayne’s Ritz-Carlton condo hotel was purchased by Carey Watermark Investors for $328.6 million. Blackstone Group purchased an 85% interest in the InterContinenetal Miami hotel, located in downtown Miami, for $322 million.
For more information about available properties in Miami Beach and surrounding areas, contact Oceanica Real Estate at (786) 270-1743 or email@example.com.