Search
 

Falor Cos. Buys Two South Beach Landmark Hotels

MIAMI-After it invests $9 million in upgrades, the company plans to turn the Breakwater Hotel and Edison Hotel into one condominium hotel with 113 suites. Falor also plans to close its purchase of a third hotel on Ocean Drive, the Tides, in October.

By Melissa Bogdany | Updated on September 28, 2004

MIAMI-The Falor Cos. has purchased Breakwater Hotel and Edison Hotel on South Beach in the city and plans to invest $9 million into the property. Once the upgrades are complete, the new owner will convert the adjacent properties into a 113-suite condominium hotel.

The sale price of the hotels totaled more than $22 million. Breakwater, located at 940 Ocean Dr. consists of 64 units in four stories. The seller was JAMM 18 Inc. Built in 1939, the hotel sold for $3.6 million, or $55,468 per unit, in June 1993, according to the Miami-Dade County property appraiser’s office. The seller of the Edison, at 960 Ocean Dr., was Hotel Edison Ltd. The five-story hotel was built in 1935. It sold for $4.1 million, or $82,653 per unit, in September 1996, according to the property appraiser’s office.

In January 2004, a nearby hotel, the 45-unit Tides hotel on South Beach, sold for $269,555 per unit. In August, the Falor Cos. signed a definitive agreement to buy that hotel, built in 1936, as well for an undisclosed amount. That deal is expected to close by Oct. 21.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.