Hyde Midtown hotel sells for $21.8MApril 19, 2018
The Related Group and Dezer Development sold the Hyde Midtown hotel ( the component) for $21.8M
Midtown Hotel Investment LLC, led by Haim Yehezkel, bought the yet-to-open 60-room hotel at 4101 NE 1ST Avenue in Miami. Yehezkel heads Elysee Investments, a commercial investment firm in Miami Beach and New York. The buyer financed the deal with a $14.5 million mortgage from Bank of America.
The hotel sold for about $363,000 per suite. When it opens, Hyde will be the first hotel in Midtown Miami.
Related and Dezer completed the 31-story, hotel-condo development earlier this year. Sbe will operate the hotel. The developers launched sales of the 410 condos in 2014, broke ground in 2015 and financed construction with a nearly $115 million loan the following year.
The building was designed by Arquitectonica with interiors by the Rockwell Group. When it opens later this year, the hotel will include a lounge and piano bar, food and beverage by sbe, a pool terrace, spa, fitness center, private screening theater, a tennis court, putting green and bocce court, and a six-story parking garage.
Prices for the condos, which are 92 percent sold, range from the low $400,000s to $2 million.
Source Info The Real Deal South Florida