Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million,
The Real Deal has learned.
The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in Miami and convert it to multifamily, Fellig and Zalmanov said.
AB Asset Management financed the deal with a $27.5 million bridge loan from Harbor Group International, arranged by FM Capital’s Joe Back.
The hotel sold for about $221,000 per unit.
Avison Young’s John K. Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth represented the seller.
Playard Studios Creates Animated Short Film with Virtual Production Workflow Share via:
Wednesday, February 24, 2021 at 10:00 AM in Exclusive Interviews
The fully CGI film, “An Artful Future,” is being used by the Miami Beach-based museum to promote its upcoming expansion. Playard Studios’ Carlos Fueyo (Creative Director) and Tanya Fueyo (Producer) used a combination of Unreal Engine and DaVinci Resolve Studio for the film, which was edited, composited and color graded with Blackmagic Design’s software and a DaVinci Resolve Micro Panel.
PH:
Tell me a little about Playard Studios.
Tanya Fueyo: We had been living in Los Angeles for about a decade where Carlos worked at various studios on a variety of films, commercials, and game cinematics. In 2018, we moved to Miami, FL and decided we wanted to continue this line of work, so we opened up Playard Studios in 2019, hoping that it could cater to the local void. We knew that this would be challenging beca
Traders Pile Into Boutique Cuba Fund in Bet on Biden Detente
Dec 12 2020, 5:23 AM
December 11 2020, 10:31 PM
December 12 2020, 5:23 AM
(Bloomberg) A niche fund that investors use to wager on the opening of Cubaâs economy is emerging as one of the winners from Joe Bidenâs election.
(Bloomberg) A niche fund that investors use to wager on the opening of Cubaâs economy is emerging as one of the winners from Joe Bidenâs election.
The $43 million Herzfeld Caribbean Basin Fund, ticker CUBA, has soared 33% since the U.S. vote, trouncing the returns of the MSCI Emerging Markets Index (12%) and S&P 500 Index (9%). The fund is headed for its sixth straight weekly gain, and November marked its largest monthly advance in 11 years.
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Here are South Florida’s largest retail sales of 2020
Top sale was $47M
(Getty)
Store closures and Americans’ reliance on e-commerce may have affected the top sales in South Florida’s retail market.
The region’s top retail sale of 2020, of $47 million, fell below 2019’s $96.8 million top sale and 2018’s $88 million top sale.
However, the average price per square foot among 2020’s top five retail sales bested last year’s average $396 compared to $349.
Below is a breakdown of the top five retail sales in South Florida.
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)
The hotel market was among the hardest hit sectors of the coronavirus pandemic in 2020, resulting in many owners scrambling to survive.
After many hotels laid off the majority of their staff in March and subsequent months, a number of properties remained closed until the winter. And some have yet to reopen, as domestic and international travel remains low.
In South Florida, the pandemic led to forbearance agreements with lenders, some foreclosure filings, new equity investors, out-of-court UCC foreclosures, merging of ownership, and properties hitting the market. For properties marketed for sale – either on the market or quietly among brokers – pricing is another issue, as many sellers and opportunistic buyers can’t agree on valuations, experts say. As a result, few hotels traded in 2020, and the two largest deals – each for $120 million – closed in January, before the pandemic caused a major disruption to