Date acquired: Sept. 2017
Location: 2925 Indian Creek Dr., Miami Beach, FL 33140
Features: 120 room condo property in Miami Beach sold to a land developer in 2019.
Dissolution of a fractured condo-hotel
Purchased 71 of the units in 2018 for $17.2M in block purchase, with a planned goal of turning the property into a hotel.
Over the next 12 months purchased ## more of the units in the building, and took over the condo association.
In 2019, as the majority unit owner, SMS Lodging dissolved the “Condo Association” and began the initial process for converting the property into a Miami Beach hotel.
In late 2019, a large developer initiated a discussion to purchase the property from SMS for a larger project. SMS sold the property for $21.3M approx 18 months after the initial purchase.
SMS initiated and oversaw the accumulation of 68 individual condo units at Alden Hotel with a business plan of completing condominium conversations for the hotel concept.
Accumulation of individual units was accomplished in 6 months and then the entire building was sold to the U.S. Hotel developer.