Two interests from New York purchased the Plymouth Hotel, located on 21st, for $18.25 million. This is a remarkable gain for the New World Symphony, whose property was appraised at $1.3 million. The hotel was built in 1926 and the new owners plan to retain some of the historic elements, while giving it a complete update. BankUnited funded the interest with a $15 million loan. The new owners formed Plymouth LLC and the managers are Shawn Vardi and Mark Shemel. Shemel released the following statement regarding the acquisistion, "We are planning two hotels and would also like to restore the historic facades and original signage to bring the properties to their original form.”
As the hotel stands today, it is 40,000 square feet with 95 units. It will likely join the ranks of luxury boutique hotels that have enjoyed a resurgence such as The Gale, The Betsy Ross, and The National. The margin of profit The New World Symphony enjoyed is exemplary of the kind of transactions that are occuring in today’s market in Miami Beach. International and domestic buyers in both the residential and commercial markets continue to buy up properties at list price or above. Property values have sky rocketed and if you have thought about selling your commercial or residential property, you could not find a more conducive climate. For more information, contact us today.