The historic Hotel Colonnade Coral Gables was sold to an affiliate of Crescent Real Estate for $63 million.
Bethesda, Maryland-based Pebblebrook Hotel Trust (NYSE: PEB) announced the deal and the price. The deed, which was filed in county records with a value of $45.56 million, was to GPIF CCG Hotel Owners LLC, care of Fort Worth, Texas-based Crescent Real Estate. Interbank provided a $41.81 million mortgage to the buyer. Often, hotel deals include additional payments for non-real estate assets.
The Hotel Colonnade at 180 Aragon Ave. has 157 rooms, so the price equated to $401,274 per room. It also has 34,000 square feet of meeting and event space.
The seller was represented by JLL’s Christopher Exler and Pamela Vasquez, while JLL’s Mark Fisher helped the borrower secure financing.
The hotel was built in 1926, making it one of the oldest in Coral Gables. It last traded for $43.09 million in 2014 and was renovated in 2016.
According to Pebblebrook Hotel Trust, the Hotel Colonnade posted net operating income of $4.1 million in 2022.
Crescent Real Estate was founded by John Goff and Richard Rainwater in 1987. According to its website, the company has $4 billion in assets under management, including 4,612 hotel rooms, 5.39 million square feet of offices and 3,061 residential units.
By Brian Bandell Real Estate Editor, South Florida Business Journal
Source: https://www.bizjournals.com/southflorida/news/2023/04/04/texas-company-historic-coral-gables-hotel.html