Allen Morris Company's AMS Hospitality And Black Salmon Joint Venture Acquire Circa 39 Hotel In Miami Beach For $25.5 million

AMS Hospitality, the affiliate hospitality group of The Allen Morris Company, and Miami-based national commercial real estate investment firm Black Salmon have acquired the 97-key Circa 39 Hotel in Miami Beach for $25.5 million. Located at 3900 Collins Avenue, the Art Deco-style Circa 39 Hotel is across from the iconic Miami Beach boardwalk and housed within two buildings, which include a surface lot across the street. Melissa Rose of JLL Capital Markets arranged the financing for the acquisition. The transaction was overseen by Samuel Heskiel of Beachfront Realty and Miguel Pinto of Apex Capital Realty.

The asset will undergo a multimillion-dollar renovation which will reposition it as an upper-upscale, independent lifestyle hotel with a reimagined pool deck and new internationally recognized food and beverage concepts. It is strategically located in the growth path of mid-Miami Beach. Highgate, a leading real estate investment and hospitality management company in the U.S., Caribbean, and Latin America, has been selected to provide property management services for the hotel.

“The acquisition of Circa 39 Hotel is an extremely positive step in the evolution of AMS Hospitality,” said W. Allen Morris, Chairman & CEO of The Allen Morris Company and Principal of AMS Hospitality. “We are delighted to once again be partnering with Black Salmon, as our joint teams continuously explore new opportunities.”

The acquisition of the Circa 39 Hotel marks the most recent acquisition for the group as part of its plans to acquire $300 million in hospitality assets across the U.S. The two firms have additional assets under contract throughout the southeast United States. The partnership between AMS Hospitality and Black Salmon leverages the key strengths and expertise of both firms across the disciplines of acquisitions, asset management, and capital raising.

“Miami has always been a target market of ours for investment given its long-standing, global recognition as a preferred travel destination, now reinforced by its ability to rebound quickly in the pandemic.” said Jorge Escobar, managing partner and co-CEO of Black Salmon. “Our strategy of identifying boutique, select-service hotels allow us to provide the capital to reposition the property, increasing revenue and elevating the guest stay.”

With increasing vaccination rates nationally, and South Florida’s easing of COVID-19 restrictions, the return of leisure travel is evidenced by rising hotel occupancy rates. Miami is among the top 35 hotel markets in the country and has become a popular destination for travelers from the Southeast, Midwest, and California.

AMS Hospitality has a billion-dollar acquisition and development pipeline including the recently completed $87 million UNC Charlotte Marriot Hotel & Conference Center in North Carolina and the under construction Kimpton Midtown Union Hotel with MetLife in Atlanta. Black Salmon has a nearly half a billion-dollar portfolio, which includes prime office, senior housing, and hospitality assets.

E11EVEN Hotel & Residences The First Pre-Construction Development To Accept Cryptocurrency For Condo Deposits

Miami really is becoming the Crypto City as E11EVEN Hotel & Residences has become the first development to accept cryptocurrency for condominium deposits in pre-construction projects. E11EVEN Hotel & Residences is under development by PMG, led by Ryan Shear and Kevin Maloney, and E11EVEN Partners, led by Michael Simkins, Dennis Degori, and Marc Roberts. The luxury high rise coming to Downtown Miami’s Park West district is on track to be the city’s fastest-selling condominium in the last decade. The announcement comes just ahead of the Bitcoin 2021 conference in Miami, of which E11EVEN Hotel & Residences is a sponsor.

“We are thrilled to join powerhouses like Goldman Sachs that are embracing cryptocurrency as a focal point of future commerce,” said Ryan Shear, Managing Partner of PMG. “Our goal is to lead the real estate development and hospitality industry in implementing modern technology, and accepting digital currency is one more way we’re doing that.”

As cryptocurrencies create immense worldwide wealth and become increasingly mainstream, E11EVEN Partners and PMG sees it as an auspicious time to capitalize on the digital currency market. A consistent trailblazer in the real estate industry, the company expects other developers to follow suit. E11EVEN Partners announced in April that it is accepting cryptocurrency for transactions at its globally renowned nightlife venue, E11EVEN Miami.

Buyers can use cryptocurrency to place deposits on the remaining units at E11EVEN Hotel & Residences. The project, which will break ground later this year, has garnered both domestic and international interest, including many celebrities, athletes, and executive buyers. Among them are WNBA player Candace Parker, ESPN co-host Sage Steele and MMA fighter Luke Rockhold. Residences start at $300,000 and include studio, one, and two-bedrooms, as well as a limited Penthouse Collection and two Presidential Suites.

“As more of the world's wealthy individuals manage their capital through cryptocurrency, we're providing buyers an opportunity to sustain their wealth,” said Michael Simkins of E11EVEN Partners. “With Miami leading the way as a cryptocurrency capital, we’re thrilled to offer this option as a method of payment.”

In total, E11EVEN Hotel & Residences Miami comprises 375 fully furnished residences. Each unit comes equipped with fully integrated “smart building” features and 24/11 style amenities. Residents will enjoy an electric LED fireplace in their living room, fully built-out closets, custom Italian kitchens, a signature Home Essentials Package, and an E11EVEN Resident Membership Package. The building is slated for completion in 2023.

For more information about E11EVEN Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Ronny Finvarb Acquires Alton Road Site In Sunset Harbour For Luxury Boutique Hotel

Miami Beach developer Ronny Finvarb has closed on a site on Alton Road at the entry to the popular Sunset Harbour neighborhood where he plans a boutique hotel. Finvarb paid $4 million for the 10,200 square foot site which is located at 1790 Alton Road. He plans a luxury boutique hotel with 36 units and a ground floor restaurant. The renderings were designed by GEK Architecture. Finvarb expects to submit an application to the City of Miami Beach soon and begin construction in 2022. The site is across the street from the Kimpton Palomar South Beach, which Finvarb recently developed.

The Collective Reveals nArchitets-Designed Co-Living Mixed Use Building In Wynwood

The Collective has revealed plans for their proposed co-living mixed-use building to be located at 2825 NW 2nd Ave. The Collective is a London-based co-living operator and real estate developer which was founded in 2010 by Reza Merchant. The Collective currently operates co-living buildings in New York and London. The proposed building is expected to rise 12-stories and is designed by is designed by nArchitects with Corwil Architects as the architect of record.

The Collective Wynwood is proposed to have 180 residential units, 70 hotel units and 9,508 square feet of ground floor retail. The building is also expected to have 82,000 square feet of amenity spaces spread throughout every floor and includes co-working space, communal kitchens, a fitness center, gaming rooms, meeting rooms, a workshop studio, eight floor pool deck and rooftop garden.

E11EVEN Hotel & Residences One Of Fastest Selling Projects Ever In Miami, Now Over 70% Sold In 3 Months

E11EVEN Hotel & Residences in Downtown Miami’s Park West neighborhood has become one of the fastest selling projects ever in Miami as the hotel-condo tower has surpassed 70% sold since launching sales in January. E11EVEN Hotel & Residences is being developed by E11EVEN Partners and Property Markets Group (PMG). The project is set to rise 65-stories at 29 NE 11th Street with groundbreaking expected in late summer 2021.

E11even Partners is led by Michael Simkins, Marc Roberts, and Dennis DeGori, who own the neighboring E11EVEN Nightclub. PMG is led by Managing Partners Ryan Shear and Kevin Maloney.

E11EVEN Hotel & Residences is designed by Sieger Suarez with interiors by AvroKo. The project will feature 375 fully furnished condo-hotel units which range in size from studio to two-bedroom floor plans; in addition, there will also be a Penthouse Collection complete with two Presidential Suites which will each feature a private indoor pool. Units will come equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control; an LED (or water-based) fireplace in the living room; built-inwasher and dryer; and a signature Home Essentials Package, which will include silverware, glassware, linens, sheets, and towels.

Buyers will be able to either choose to live in their unit or put the unit into a hotel program. Sales are being overseen in-house with pricing starting at $385,000.

E11EVEN Hotel & Residences also features a full-suite of turbocharged amenities including a members-only rooftop pool, bar and restaurant dubbed Level 65; a Deepak Chopra-designed spa with meditation room and yoga studio; gourmet food hall; state-of-the-art fitness center; an 8,000 square foot sports lounge; living room lounge with music studio, and an 11th floor 20,000 square foot multi-level E11EVEN Day Club and Pool which will feature cabanas, plunge pools and a 2,000 square foot resort-style pool. Guests will also have access to transportation to and from the E11EVEN Beach Club which will be located on the beach in South Beach’s South of Fifth neighborhood.

For more information about E11EVEN Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

PMG, Greybrook Realty Partners and Hilton Launches Sales At The Carlos Ott-Designed Supertall Waldorf Astoria Hotel & Residences Miami

The luxury supertall hotel and condo tower Waldorf Astoria Hotel & Residences Miami has officially launched sales in Downtown Miami. At 100-stories the tower is be the tallest ever to launch sales in Miami, rising 1,041’. Construction is estimated to begin in March 2022 with completion in 2025. A 6,144 square foot sales center was recently completed nearby at 400 Biscayne. Waldorf Astoria Hotel & Residences will be developed at 300 Biscayne Blvd by a partnership between Property Markets Group (PMG), Greybrook Realty Partners and Hilton. PMG Downtown Developers LLC acquired the two-acre site in November 2014 for $80 million.

“Miami has become a true global city, drawing in a high concentration of international buyers and travelers, as well as those domestically predominantly from the Northeast, Midwest and California,” said Ryan Shear, Managing Partner of PMG. “Waldorf Astoria’s rich history and heritage combined with Miami’s flare has evoked an overwhelmingly enthusiastic response from a new generation of luxury consumers, as well as generational Waldorf brand loyalists around the world.”

Residences will offer the latest smart-home technology with custom mobile app access to concierge service. The app will feature a full menu of available offerings, including dining reservations, 24/7 room service, spa and fitness treatments, house car reservations, access to valet service, package delivery service and dog walking services.

Pricing starts at $650,000 for the Junior Suite Residences, $1 million for a one-bedroom unit, $1.7 million for a two-bedroom unit, $3,100,000 for a three-bedroom unit and $4,900,000 for a four-bedroom residence. The payment structure includes 10% at contract, an additional 10% within 6 months, 10% at the beginning of construction, 10% in March 2023 and the balance of 60% at delivery, expected in 2025.

Known as the pioneer of elegant service and timeless luxury dating back to 1931, Waldorf Astoria’s arrival in Miami and commitment to building one of the world's most extraordinary landmarks is evidence of the city's continued growth amongst some of the world's most elite cities. Waldorf Astoria is known for providing unforgettable experiences in landmark destinations across the world, a tradition which strongly resonates with PMG’s core principles of creating innovative ways to offer a unique luxury living experience.  

“We are incredibly excited to partner with PMG to bring the first Waldorf Astoria to Miami, one of the most dynamic and cosmopolitan destinations that draws discerning travelers from around the globe,” said Dino Michael, senior vice president and global head, Waldorf Astoria Hotels & Resorts. “Waldorf Astoria Hotel & Residences Miami will not only transform the city skyline, but usher in a new level of service to the Miami market– creating unforgettable experiences for every resident and guest.”

PMG has launched their own brokerage, PMG Residential, to perform as an in-house sales team to oversee sales of Waldorf Astoria Hotel & Residences. PMG Residential will be led by Sergio Pintos and Managing Broker Rodrigo Pintos. The Waldorf Astoria sales team includes Aura Aragon, Alejandra Castillo, Karine Carvalho, Daiana Quiceno and Christian Tupper in collaboration with Fredrik Eklund, Julia Spillman and John Gomes of Douglas Elliman’s Eklund | Gomes Team.

The Waldorf Astoria Hotel & Residences is designed by Carlos Ott with Sieger Suarez Architects as the architects of record. The developers also partnered with California-based interior design firm BAMO, which prides itself on creating captivating environments that flow, function and make people feel welcome, at ease and inspired to live and dream more fully. The tower will feature 205 hotel rooms and 360 condos. The project will be the first in Miami to feature the Waldorf Astoria brand which is owned by Hilton Worldwide Holdings, Inc. Amenities will include a resort-style pool deck, a fitness center, a spa, a high-end restaurant, a lounge dubbed Peacock Alley, and multiple event spaces.

“The unique nature of this project largely comes from not only creating an iconic building, but a distinguished sculpture that would permanently alter Miami’s skyline with height and design never seen before,” said Carlos Ott, concept designer.

“It has been an absolute pleasure working with PMG, Hilton and the entire project team of very talented professionals to design this truly remarkable building in which every detail has been carefully considered and meticulously designed,” said Peter Politis, CEO Greybrook Realty Partners. “We are very excited for the reveal of this iconic building that is a symbol of Miami’s growing prominence on the world stage and is sure to attract discerning buyers seeking a luxury lifestyle experience that is in a league of its own.”

Downtown Miami has seen a surge in luxury condos in the past few years with a selection of high-end offerings since the completion of Ten Museum Park in 2007, which the first of its kind in the neighborhood which now includes One Thousand Museum, Aston Martin Residences, Marquis Residences, Epic Hotel & Residences, amongst others. PMG also recently launched E11EVEN Hotel & Residences in Downtown Miami across the street from E11EVEN Nightclub. The tower will rise 65-stories and features 375 fully-furnished condo-hotel units which start at $385K. The project is reportedly already 70% sold-out after launching sales in late-January 2021.

Renderings via ArX Solutions

For more information about The Estates at Acqualina, private showings or purchasing/ leasing information please fill out the form below:

AB Asset Management Acquires Residence Inn Coconut Grove From Hersha Hospitality Trust

AB Asset Management has acquired the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove neighborhood. The 2 acre property sold for $31 million, which breaks down to roughly $221,429. The seller was Hersha Hospitality Trust, led by Neil and Jay Shah. The transaction was overseen by Avison Young’s Florida Capital Markets Group led by Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. AB Asset Management LLC is managed by Getzy Fellig and Sam Zalmanov.

“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” said Crotty.

Situated at the intersection of Tigertail Avenue and Mary Street, the property sits on over two acres at the entry-point of the Grove’s business district, just a few minutes walking distance from shopping, dining venues, and multiple parks overlooking Biscayne Bay. The neighborhood has proven itself as a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.

Bayfront Supertall Tower Waldorf Astoria Hotel And Residences To Launch Sales In March

PMG and Greybrook Realty Partners are gearing up to reportedly launch sales at Waldorf Astoria Hotel & Residences in March. A 6,144 square foot sales center is near completion nearby at 400 Biscayne. Waldorf Astoria Hotel & Residences is a luxury supertall tower which is slated to come to Downtown Miami at 300 Biscayne Blvd. At 100-stories the tower will be the tallest ever to launch sales in Miami, rising 1,041’. The tower is expected to have a sell-out over $1 billion.

The Waldorf Astoria Hotel & Residences is designed by Sieger Suarez Architects and will feature 205 hotel rooms and 400 condos. The project will be the first in Miami to feature the Waldorf Astoria brand which is owned by Hilton Worldwide Holdings, Inc.

Downtown Miami has seen a surge in luxury condos in the past few years with a selection of high-end offerings since the completion of Ten Museum Park in 2007, which the first of its kind in the neighborhood which now includes One Thousand Museum, Aston Martin Residences, Marquis Residences, Epic Hotel & Residences, amongst others.

For more information about The Estates at Acqualina, private showings or purchasing/ leasing information please fill out the form below:

First New Miami Building Breaks Ground in 2021

On Thursday, February 11th, Natiivo Miami - the first building purposefully designed, built and licensed for homesharing - officially broke ground in Downtown Miami. This event marked the first residential/hospitality groundbreaking post-pandemic and the first of 2021.  The building, in the heart of Downtown Miami, is slated to top off in August 2022 and completion is projected for Q3 of 2023.

Hospitality entrepreneurs Keith Menin and Marisa Galbut, developers of Natiivo Miami, spoke alongside Mayor Suarez to brokers, friends and family to mark this revolutionary development’s milestone of forging ahead with construction. Remarks were also made by Russell Galbut, Managing Principal of GFO Investments; and leaders from Natiivo’s exclusive sales team, Cervera Real Estate, including Alicia Cervera, Managing Partner;  Ali Paysse Cervera, Sales Director; and Jesse Ottley, President of Development.

Guests enjoyed live music by Brothers of Others, and coffee, pastries and light bites by Natiivo Miami’s culinary partners, Bodega and Dolce Italian. 

After coming to market in the summer of 2019, Natiivo™ Miami’s exclusive sales team, Cervera Real Estate, has successfully sold over 60 percent of the Natiivo™ Miami residences. The team has leveraged its knowledge of the Miami market and international experience, selling over 220 units in 2020, despite facing unprecedented circumstances.

Natiivo™ Miami is a vertically-integrated community that incorporates 448 condominium residences, 140 condominium hotel residences, a 100 unit hotel, a private social club called Natiivo™ Social, with 70,000 plus square feet of amenities, with a culinary experience curated by LDV Hospitality, and Creative HQ that includes 127 for-sale office condos, all under one roof. The development recently announced the addition of three coveted Miami brands, Dolce Mercato, also from LDV Hospitality, offering authentic Italian cuisine with the feel of a sophisticated food hall and the charm and service of a sit-down restaurant; Bodega Taqueria, South Florida’s iconic spot known for its authentic Mexican street food; and Gale Miami Hotel and Residences, the third Gale Hotel property in South Florida.

“With the migration to South Florida and the recent announcements of high-profile tech and finance companies relocating to and expressing interest in Miami, the continued growth of Downtown is imminent,” said Keith Menin. “We are confident that Natiivo™ Miami will play an integral role in this growth and are excited to forge ahead in construction. We’re optimistic for 2021 and hope to set the tone for the Downtown Miami market with the first groundbreaking of the year.”

Related Group Planning Baccarat Hotel & Residences At 444 Brickell

Related Group is reportedly planning to develop Baccarat Hotel & Residences at 444 Brickell. The project would feature three Baccarat-branded, Arquitectonica-designed residential towers on the Miami River where Related Group had previously planned a project known as One Brickell. Related Group acquired the 4-acre property in 2013 for $104 million which currently has an office building and Capital Grille.

Related Group has approvals for three towers would rise 57-stories, 77-stores and 82-stories. The mixed-use residential towers would offer 1,400 residential units, 249 hotel rooms, 41,272 square feet of office space, 24,263 square feet of retail space and over 1900 parking spaces. Amenities will include a resort style pool, spa, fitness center, business center and lush landscaping by Enzo Enea. Related Group will also build a riverwalk as part of their commitment to the City of Miami.

Baccarat is a French manufacturer of fine crystal glassware which is majority-owned by Groupe du Louvre, a subsidiary of the United States company Starwood Capital Group, led by Barry Sternlicht. Baccarat currently has their Baccarat Boutique B Bar and Lounge in Miami Design District and The Baccarat Hotel & Residences in New York.