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Historic Ocean Drive hotel sells for $7M

February 22, 2019

From left: Jennifer Jin, Natalie Castillo and 334 Ocean Drive (Credit: LinkedIn and Loopnet)

An affiliate of Casa Hotels paid $6.9 million for a boutique hotel on Ocean Drive in Miami Beach’s South-of-Fifth neighborhood.

Casa Hotel purchased the 28-room hotel at 334 Ocean Drive for $246,428 per room. The seller was Hilma LLC, which is managed by Geraldine Hidalgo, property records show. It has been listed since 2016 for $7 million.

The two-story, historic hotel totals 7,631 square feet. The building, formerly called the Blue Ocean Hotel, was last purchased in May 2011 for $2.5 million. Built in 1941, it has gone through several renovations.

CBRE Hotels’ Natalie Castillo and Jennifer Jin represented the seller.

Castillo said that the new owner plans to update the building and operate under the name Casa Ocean. Additional rooms or a rooftop deck could be added to the property, according to Castillo.

The hotel is located near Marjory Stoneman Douglas Ocean Beach Park and South Pointe Park.

Close by, an affiliate of Jose Isaac Peres’ Multiplan Real Estate Asset Management is proposing to build 312 Ocean Park, a 10-unit, four-story condominium at 304 and 312 Ocean Drive.

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