Ladder Capital Sells Washington Park Hotel Miami Beach

Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)

Westime proprietor Jean Simonian and Washington Park Hotel. (Fb via Westime and Washington Park Resort)

 

Ladder Money sold the Washington Park Lodge in Miami Beach for $43.8 million, just after foreclosing on the house when it was owned by the Witkoff Group.

The foreclosures and subsequent sale of the resort marks a single of a couple of such bargains in South Florida to close since the pandemic commenced a 12 months in the past. Several house owners of leisure inns are targeted now on recovery, even though attributes that count on business travel go on to struggle, brokers say.

WPH Qualities LLC of Beverly Hills, California, ordered the 181-essential lodge at 1050 Washington Avenue, documents exhibit. The sale was brokered by Hodges Ward Elliott brokers Max Comess, Rudy Reudelhuber and Alexandra Lalos.

The customer is tied to an LLC owned by Jean Simonian, who owns the look at retailer Westime. The sale equates to $242,000 per space.

Witkoff Group, led by Steve Witkoff, procured the Art Deco lodge from the Majestic Firm in 2013 for $25.5 million. It closed on a $45 million mortgage from Ladder Capital in 2016, toward the close of a big renovation of the property.

Ladder submitted a foreclosure lawsuit in July, seeking to acquire the entire loan, alongside with interest and late fees. Ladder a short while ago acquired title to the property by way of the foreclosures, paving the way for its sale to WPH Homes, courtroom data exhibit.

Comess, who represented Ladder Funds in the sale, explained his group been given a record stage of curiosity in the non-waterfront hotel.

“We been given close to 3 occasions the range of registrations, excursions and offers that we would have or else envisioned,” Comess said. “Covid has actually concentrated all diverse kinds of resort traders on Florida since of Florida’s relative outperformance [of other markets] throughout the pandemic.”

The Washington Park Resort was crafted in 1943 and contains five historic Art Deco properties.

Simonian, the purchaser, bought his two North Bay Highway attributes in Miami Beach past yr for $44 million to Melvin Capital Management founder and previous GameStop small-vendor Gabe Plotkin.