Historic Miami Beach Hotel Hits The Market For $31.5 Million

Douglas Elliman today announced the listing of Miami Beach’s Clinton Hotel for $31.5 million.
The recently-launched commercial division for the national real estate firm, led in the South Florida market by David Restainer as Douglas Elliman Commercial Florida, has been named the exclusive broker to market this historic Art Deco property.
The Clinton Hotel is located on Washington Avenue at 8^th Street, just two blocks from South Beach. It was originally built in 1934 with architectural design by Charles Neilder and recently underwent a meticulous refurbishment that restored the hotel to its former grandeur. The restoration included the addition of two new stories and more than 5,500 square feet of retail space and upgraded food and beverage facilities.
According to statistics distributed by the Greater Miami Convention and Visitors Bureau, the Miami metropolitan area consistently ranks in the top three of all markets nationwide in occupancy, average daily rate, and revenue per available room. In the Miami Beach sub-market, and especially South Beach, figures are even higher. Further, record increases in international arrivals to Miami International Airport and in overnight stays have increased year over year, and the trend will likely continue.

“The Clinton Hotel listing presents a unique opportunity to own a fully renovated hotel with profitable operations that is unencumbered by management contracts,” adds Restainer. “Additionally, this asset has upside when the restaurant and retail are repositioned.”

Leading efforts for the Clinton Hotel alongside Restainer is experienced real estate associate Michael Hartman. Restainer and Hartman both deliver valuable understanding of the South Florida market, with a combined residency of more than 24 years. The pair each present an extensive background in the hospitality business, including working front and back-of-house operations at a variety of South Beach hotels, as well has prior experience selling and owning hotel properties.
Douglas Elliman Commercial Florida launched in September 2014 and provides a new category of service for the Florida brokerage. It is separated from the firm’s traditional residential capability and firewalled with a team of experienced, educated, and dedicated professionals to exclusively manage commercial transactions.
 

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