The owner of a South Beach hotel that caters to gay travelers has decided to test the market by putting the Art Deco building up for sale.
Hotel Nash LLC, a Miami Beach company managed by Brian Scheinblum and Michael Sabet, has hired Miami-based Jones Lang LaSalle Hotels to find a buyer for Hotel Nash at 1120 Collins Ave. A spokesman for Jones Lang announced the formal marketing of the 54-room hotel, which is currently doing business as Lords South Beach Hotel, in a written statement.
The hotel has been recently renovated to preserve its Art Deco style, according to Jones Lang.
Hotel amenities include three outdoor pools, poolside cabanas, a bar and full-service restaurants. Gregory Rumpel, managing director of Jones Lang LaSalle Hotels, and associate Zayli Rodriguez, are leading marketing efforts. Rumpel predicts the hotel could sell for as much as $300,000 per room. At 54 rooms, that more than $16 million for the property.
"Hotel Nash presents an excellent opportunity for an investor to own a fully renovated, historic Art Deco boutique hotel, centrally-located on South Beach, without redevelopment risk," Rumpel said.