Date acquired: Jan, 2010
Location: 235 Washington Avenue, Miami Beach, FL 33139
Features: 38 room boutique hotel with a small restaurant & bar locationed on Miami Beach
Successful Renovation, Rejuvination and Repositioning of hotel
Purchased Underperfoming asset in 2008 for $3.45M in 2008
After taking over asset SMS planned and execuxted 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.
Asset was re-evaluated for visability post renovation, targeting international Hostel traveller to maximize draw of location and asset