close

Miami Beach investor looks to offload two boutique hotels for combined lot of $23.5m

Miami

Two boutique hotels in Miami’s South Beach have come to market as its owner looks to offload his hospitality assets after 30 years in the industry.

Scott Weinberg of Azco Realty owns Hotel La Flora and Hotel Impala and is now looking to sell both properties for a combined price of $23.5m through Susan Gale real estate.

The hotelier acquired the 31-bedroom Hotel La Flora in 1997 for $1m and the property also includes a lobby bar and café, plus space to increase the bedroom count to 45.

Story continues below
Advertisement

Hotel La Flora was first built in 1924.

In 2016, Weinberg’s Azco Investments LLC paid $4.5m for the 17-bedroom, two-storey Hotel Impala. Spiga Ristorante Italiano is a tenant of Hotel Impala and pays roughly $150k a year in rent.

The building was first built in 1931 and allows for an additional 5,000 sq ft of development.

The hotels can also be sold independently.

Gale said the seller has owned hotels for nearly 30 years, and these are his last two properties in Miami Beach.

“The story is that he’s been doing it for a long time, like many other sellers, and he is ready to move on in his life.”

Tags : INDUSTRYMiamioperatorsowners
Zoe Monk

The author Zoe Monk

Leave a Response