Starwood Capital Group buys The Commonplace Lodge in Miami Seaside – South Florida Enterprise Journal – South Florida Enterprise Journal

An affiliate of Starwood Capital Group paid $62 million for The Commonplace resort and spa in Miami Seaside.
Ferrado Lido LLC, managed by executives at Newport Seaside, California-based Ferrado Group, bought the 100-room resort at 40 Island Ave.
The customer was Nomade Lido LLC, managed by Miguel Isla Esteve, the director of funding and growth at Starwood Capital Group, which just lately opened its headquarters only some minutes away within the metropolis. Lido Funding offered a $49.6 million mortgage to the client. The value labored out to $620,000 a room.
The resort final traded for $34 million in 2008, so it gained in worth regardless of the Covid-19 pandemic’s adverse affect on tourism. That’s an indication Starwood is assured the hospitality market in Miami Seaside will develop in the long run.
The resort, previously known as the Lida Spa Lodge, was developed in 1953 on a 2.33-acre lot alongside the water on Belle Isle, which sits alongside the Venetian Causeway. The three-story resort totals 83,486 sq. ft and features a bayside grill and the Café Commonplace. The spa is at present present process renovations, in response to the resort’s web site.
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