Date acquired: Jan. 2010
Location: 235 Washington Avenue, Miami Beach, FL 33139
Features: 38 room boutique hotel with a small restaurant & bar located in Miami Beach
Successful renovation, rejuvenation, and repositioning of hotel
Purchased this underperforming asset for $3.45M in 2008.
After taking over the asset, SMS planned and executed a $500K renovation of the property to update and modernize the asset for the Miami Beach market.
Property renovations were completed, while still operating the asset, to maximize revenue during the renovation period.
The asset was re-evaluated for visibility post-renovation, targeting international Hostel travelers to maximize draw of location and asset