Marcus & Millichap Sells Iconic Ocean Drive Hotel For $28 Million

Jul 29, 2019 No Comments by

Marcus & Millichap announced the sale of The Bentley Hotel and ground-floor retail condominiums in the South Beach neighborhood of Miami Beach, according to Scott Lunine, Regional Manager of the firm’s Miami office.

The property sold for $28 million.

 

“The Buyer was attracted to this iconic hotel due to the irreplaceable frontage and visibility on the corner of 5th street and Ocean Drive,” said Drew A. Kristol, senior vice president investments in Marcus & Millichap’s Miami office.

Kristol, Kirk Olson and Joseph Thomas, all senior vice presidents of investments for Marcus & Millichap, represented the seller, a local family real estate firm, while Kristol and Olson procured the buyer, also a local hospitality operator looking to increase their management footprint on Ocean Drive.

The property is located on the corner of Ocean Drive and Fifth Street, close to Lummus Park Beach, the Nikki Beach, the Bayside Marketplace and a half-mile from Lincoln Road Mall and the Miami Beach Convention Center. The Art Deco District, the New World Center concert hall, and the Fillmore Theater are nearby. Miami International Airport is approximately 11 miles away.

Built in 1939 by The Riviera Hotel Co., the building’s exterior retains many of its original features. Currently, TGI Friday’s restaurant occupies the ground level of the hotel along with two other local restaurant concepts. The hotel also features a rooftop pool, Jacuzzi and deck.

 

 

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Hospitality, Industry News, Miami-Dade County Retail, NA, Retail
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