SELECTED LISTINGS

FAVORITE PROPERTIES

0
Selected Listings

The Clevelander and Essex House in Miami Beach sell for $28M

October 26, 2018

The Canadian group, Jesta Group, has purchased the iconic Clevelander Hotel South Beach in Miami Beach and an adjacent hotel, Essex House Miami Beach, for $28.5 million.

The Clevelander Hotel located at 1020 Ocean Drive was deeded from 2K South Beach Hotel LLC, with Jonathan Neeley has its manager at Brio Investment Group, for $20.6 million to Clevelander Holdings, managed by Jesta Group CEO Eric Aintabi.

The new owners signed a 10-year lease agreement, renting the hotel and restaurant, to an entity called Clevelander Ocean, also managed by Aintabi. UBS AG granted a 10-year, $42.5 million mortgage to both the buyer and the tenant, Clevelander Holdings and Clevelander Ocean.

Built in 1938, the Clevelander was last traded for $7 million in 1999. The property has a total of 19,500-square-foot and is located at 1020 Ocean Drive, and is one of the many attractions to tourists in the area. The hotel has 60 rooms and includes a pool/patio area, a rooftop terrace, a sun deck, and the Jack Daniel’s Sports Bar. The location is famous for hosting shows every day, frequently with live DJs and dancers.

Contact Us For More Information

Call Us At: 305 397 8788
605 Lincoln Road Suite 302 Miami Beach, FL 33139
  • This field is for validation purposes and should be left unchanged.
x

Contact Us

Call Us At: 305 397 8788

605 Lincoln Road Suite 302 Miami Beach, FL 33139

  • This field is for validation purposes and should be left unchanged.