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Monday, July 2, 2007

The Clinton Hotel sells for $19 million

It only took six months of negotiations, but the Clinton Hotel & Spa located in Miami Beach finally sold for $19 million dollars.

South Beach Investment Realty arranged the sale of The Clinton, located at 825 Washington Avenue, between Clinton Hotel Investors and East Coast Realty Ventures.

The New Clinton opened in 2004, and is considered an ultra- contemporary hotel with cutting edge design and innovation in this already chic neighborhood. It follows its own rule of conventional ideals for hotel design and the result is an ultra-cool, intimate and sexy place to stay when visiting one of the world's most popular destinations. The 89 room hotel has a historical Art Deco exterior to complement its contemporary interior. It has five street-front commercial spaces including meeting and event facilities, a fitness center, outdoor fitness pool, reflecting pool, restaurant, spa and lobby bar.

East Coast Realty Ventures assembled an undisclosed number of investors to pool their money to make the purchase.

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