The former Edgewater Hotel in South Beach
The Edgewater Hotel in South Beach is about to get a facelift and new name now that it’s been sold for $23.5 million to Marriott International’s timeshare division.
Marriott Vacation Club bought the 1930s-era building and its 49 suites, located at 1410 Ocean Drive across the street from Lummus Park. Marriott spokesperson Ed Kinney told The Real Deal that the 49 units were sold by a single seller, though he declined to name the entity. However, an Israeli company called the El-Ad Group lists the property under its portfolio holdings.
The hotel will now be known as the Marriott Vacation Club South Beach and is already taking reservations, according to a news release. Marriott will renovate the hotel’s suites and common areas through 2016.
“We are excited to offer our owners and guests another new addition to our collection of properties around the world that puts them right in the heart of South Beach and all it has to offer to visitors,” Stephen P. Weisz, president and chief executive officer of Marriott Vacations Worldwide, said in the release.
Marriott Vacation Club was originally committed to purchasing a separate 182-unit building in South Beach, Kinney said, but the deal fell through for undisclosed reasons. Then the opportunity to buy the Edgewater Hotel appeared, and Marriott closed on it.
“It’s not very big by our standards,” he told TRD.” But… we feel it’s a great way to get into the market.”
As part of the re-branding, Marriott Vacation Club will open an off-site sales center for timeshares at the hotel. Kinney said the company is looking at a couple of nearby locations that they will close on in the near future. — Sean Stewart-Muniz
Source: The Real Deal Miami