The Clevelander and Essex House in Miami Beach sell for $28M
October 26, 2018The 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.