The resort portion of an oceanfront condo-hotel in Sunny Isles Beach is under new ownership after Mast Capital sold it to a real estate private equity firm.<\/p>\n
Miami-based Mast Capital<\/a>, led by CEO Camilo Miguel Jr., sold the 249-key Sol\u00e9 Miami, a Noble House Resort, to South Street Partners for between $20 million and $25 million, according to a source familiar with the deal. That breaks down to a price per key of $80,300 to $100,400.\u00a0<\/p>\n The 24-story hotel at 17315 Collins Avenue last sold for nearly $4.9 million in 2021, records show. That reflects a gain of 308 percent to 410 percent over five years.\u00a0<\/p>\n Berkadia\u2019s Christian Charre and Paul Weimer represented Mast Capital in the deal, and the broker representing South Street was not disclosed.\u00a0<\/p>\n South Street specializes in renovating beach resort properties, and it plans to upgrade Sol\u00e9 Miami\u2019s guest rooms and common areas, among other property improvements.\u00a0<\/p>\n The Sunny Isles<\/a> submarket is one of the highest growth markets in Florida, based on revenue per available room, said Peter Lunenburg, principal of South Street.\u00a0<\/p>\n Jordan Kornberg, Chief Investment Officer of Mast Capital, said in a statement that the sale is reflective of the hospitality industry\u2019s \u201cstrong long-term fundamentals\u201d particularly in beachfront submarkets like Sunny Isles Beach.\u00a0<\/p>\n The acquisition builds on South Street\u2019s hospitality portfolio in high-growth, Southeastern markets. In Florida, South Street owns the Naples Grande Beach Resort and Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach.\u00a0<\/p>\n