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Miami Real Estate - Miami Real Estate news

Tuesday, July 14, 2010

Seville Hotel sold for $58M short sale

An affiliate of Courtyard by Marriott purchased one of the hotels for sale in South Beach, the Seville, for $57.5 million.  The foreclosure claim filed on the Miami commercial real estate property was $9.5 million more then what it was purchased for.

The $67 million foreclosure lawsuit against Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein was promptly released when the short sale was allowed by First Bank Puerto Rico on June 30th.

The Miami commercial real estate property located at 2901 Collins Avenue is 12 stories high and 278,547 square feet and sits on 3 acres. In 2005 it was purchased by 2901 Beach Ventures, a partnership between Fortune International and Lionstone, for $25 million.

The developers planned to redevelop The Seville Hotel into residential real estate and had a contract with Ritz-Carlton to manage it. Anticipation the new renovations, the hotel was then closed but no major work took place.

In a July 2009 lawsuit against Defortuna, investors claimed that the Ritz-Carlton pulled out of the deal and the developer kept that a secret from them.

The new owner is Seville Acquisition, which is managed by Maryland based Courtyard Management Corporation and its parent, Marriott International. Officials at the hotel did not comment on their plans for the Miami commercial property.


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