MIAMI, Feb. 23, 2021 /PRNewswire/ — Hodges Ward Elliott (“HWE”), the premier boutique real estate capital markets advisor, arranged the sale of the Washington Park Hotel, a 181-room property located at 1050 Washington Avenue in Miami Beach, FL.
An HWE team composed of Max Comess, Managing Director, Rudy Reudelhuber, Managing Director, and Alexandra Lalos, Director, represented the seller, a New York-based lender, in the transaction.
“We were extremely pleased with the high level of interest in this offering from traditional and non-traditional groups based across the country,” said Comess of HWE. “There seems to be unprecedented demand from investors today to enter the South Florida lodging market while there is a dearth of actionable investment opportunities on the market.”
Built in 1943 and situated four blocks from Ocean Drive, the 181-room Washington Park Hotel complex includes five historic Art Deco buildings and was renovated in 2016. The exterior remains true to the hotel’s Art Deco roots while the interior was reimagined with a contemporary renovation throughout the property. The property features an expansive front yard along Washington Avenue that can be further activated along this busy pedestrian corridor.
“During the period following the Great Financial Crisis of 2009, Florida and Miami in particular saw outsized recovery and growth that surpassed the rest of the nation,” said Reudelhuber. “A combination of high proportion of transient leisure visitors, near-perfect weather, COVID-friendly outdoor activities, and a very favorable business climate should all position Florida to once again lead the U.S. in the recovery.”read full article