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| Park Central Hotel, 620--650 Ocean Drive, South End, Miami Beach, FL |
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| Jim Dockerty |
HFF worked on behalf of the borrower, Park Central Partners LLC, an entity of Optimum Asset Management, to secure the three-year, floating-rate, senior real estate construction loan through BB&T Real Estate Funding.
The loan will be used to take three existing Art Deco
buildings – the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments
– and a .15-acre development site and turn them into the new Park Central
Hotel.
The
new 135-key Park Central Hotel will be a luxury boutique hotel that will retain
the historic charm of the original hotel.
The completed project will feature three new restaurants
totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with
ocean views from the deck, 24 suites, 1,380 square feet of meeting space and
unobstructed views of the Atlantic Ocean.
The hotel, which will
be completed in early 2017, will be located at 620-650 Ocean Drive.
The property is directly across from Lummus Park and one block from the fashion district along Collins Avenue.
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| Scott Wadler |
The property is directly across from Lummus Park and one block from the fashion district along Collins Avenue.
The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.
“When completed, the Park Central Hotel will re-establish
Ocean Drive as a luxury boutique hotel and fine-dining destination,” Dockerty
said.
“We are excited to be one of the major leading players in
the ‘renaissance’ Ocean Drive is currently experiencing,” added Ricardo Tabet, CEO of Optimum Asset
Management. “We believe our renovation
of the iconic Park Central Hotel will not only promote the glory of its heyday,
but will also bring back a sense of tropical class and elegance to the area.”
In the year ending 2014, HFF’s Hotel Group closed more than
$3.5 billion in hotel transactions across all capital markets involving more
than 100 hotels and resorts.
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| Marc Roth |
Optimum Asset Management (Optimum) is a global,
multi-billion dollar equity firm with offices in London, Luxembourg, Berlin and
Miami led by Alberto Matta, Rodolfo
Misitano and Tabet.
In the past two years, Optimum has successfully acquired a number of strategically located properties in the Miami area.
In the past two years, Optimum has successfully acquired a number of strategically located properties in the Miami area.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
ohennessey@hfflp.com
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