Casa Hotels Group buys Miami boutique hotel

George Sell By George Sell
03 July 2019 | Updated 03 July 2019

US: Chilean investment firm Casa Hotels Group has bought The Odyssey Hotel in Miami Beach for paid $7.3 million.

The Odyssey of South Beach LLC, led by Ronnie Menashe, sold the 27-key Art Deco property at 1420 Collins Avenue for around $270,000 per key.

The 9,600 square foot hotel is the fifth that Casa Hotels Group has purchased over the past year in South Florida, said Valerio Spinaci of Opera Real Estate Investment. Spinaci and his partner Federico Maria Ionta represented the buyer. Marcus & Millichap's Scott Sandelin, David Cohen and Alejandro D'Alba represented the seller.

The other properties that Casa Hotels Group bought include 334 Ocean Drive, The Mint and the Coral Reef hotels in Hollywood, and Casa Sofi, which is under construction in Miami Beach.

The Odyssey, built in 1930, was on the market for nearly $7.5 million. It last sold for $6.5 million in 2014.

The property recorded 98 per cent occupancy in 2018 with an average daily rate of $144 and an average REVPAR of $141 per night. The net operating income last year was more than $516,000.

The buyer plans to rebrand its properties under the Casa Hotels Group name, and offer both hotel rooms and short-term rentals.

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