Posted on Thursday, 7.22.2010
Seville Hotel South Beach - Miami Commercial Real Estate
Seville Hotel South Beach - An affiliate of Courtyard by Marriott recently bought the boarded up Seville Hotel South Beach in a short sale for $57.5 million, $9.5 million less than the foreclosure claim filed over it. The $67 million foreclosure lawsuit was dropped shortly after First Bank Puerto Rico approved the June 30th short sale. The foreclosure law suit in this Miami commercial property was filed in September and included Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
The 12-story, Seville Hotel South Beach located at 2901 Collins Avenue, sits on 3 acres and is 278,547 square feet. In 2005, a partnership between Fortune International and Lionstone, 2901 Beach Ventures, purchased the Miami commercial real estate property for $25 million.
The developers for the project planned to redevelop it into residential real estate and had a contract with Ritz-Carlton to manage it. The Seville Hotel was closed with expectation to renovate but no work was ever done.
Investors filed a lawsuit in July 2009 against Defortuna claiming that the Ritz-Carlton pulled out of the deal and they were never told.
Seville Acquisition, managed by Courtyard Management Corporation and its parent, Marriott International is the new owner. Officials at the hotel operator did not immediately comment on their plans for the Miami commercial property.
Miami Real Estate – MLR Realty specializes in Miami commercial real estate for sale or lease including hotels in Miami. Call their office today at 305-673-3303 to speak with a Realtor or follow this link to their commercial real estate website: www.InvestCommercialMiami.com.