In a significant development for Miami Beach real estate, Kolter Hospitality, a division of Kolter Group, and BH Group have collaboratively acquired the Crystal Beach Suites Miami Oceanfront Hotel. Situated in the vibrant North Beach neighborhood and established in 1950, this 84-room property garnered attention with a strategic joint venture, securing it for an impressive $24 million.
Facilitated by financing from New York-based Cerco Funding, arranged by Cary Pollack with Meridian Capital, the acquisition was made possible by Delray Beach-based Kolter and Aventura-based BH. Notably, the seller of the property, located at 6985 Collins Avenue, was an entity managed by Carrie Garazi, Jennifer Sheppard, and Hillel and Judith Meyers, who originally acquired it for $4.5 million in 1991, according to records.
Under this new ownership, Crystal Beach Suites is set to continue its operations as a hotel, marking the initiation of the first joint venture between BH Group and Kolter, led by Bobby Julien. BH Group’s diverse portfolio also includes a partnership with Coconut Grove-based Related Group, with recent achievements such as the final approval for Icon Aventura—a 26-story mixed-use project boasting 275 condo units, 20 apartments designated for first responders and teachers, and 12,000 square feet of ground-floor retail. Meanwhile, Kolter, known for its expertise in multifamily, condominium, and single-family community projects, recently celebrated the successful sale of 100 Las Olas, Fort Lauderdale’s tallest condo tower.
Notably, Crystal Beach Suites is strategically positioned, merely two blocks north of the former Deauville Beach Resort site. This location gained prominence in November 2022 when the historic hotel was demolished by the city due to alleged neglect by the property owners, the Meruelo family. In the vicinity, the Port Royale condo has recently been in the spotlight, drawing attention for its lack of preventive measures on repairs.
This dynamic landscape underscores the evolving and competitive nature of Miami Beach real estate. Key players are strategically shaping the city’s iconic skyline while navigating challenges, such as the attention-grabbing situation at Port Royale condo, to contribute to the transformation and growth of this renowned coastal destination.