Blue Road is buying the Crest Hotel Suites in South Beach for $24 million, as it boosts its collection of boutique properties, The Real Deal has learned.
The deal is expected to close this week, Blue Road principals Jorge Savloff and Marcelo Tenenbaum told TRD.
The Crest, at 1670 James Avenue in Miami Beach, has two adjoining buildings with a total of 69 units, including suites and hotel rooms. The Art Deco property also has a pool and restaurant called Café de Crest with a liquor license, Tenenbaum said. The price breaks down to $347,826 per unit.
Miami-Dade property records show the hotel was built in 1941, and the current owners, Crest Group Ltd., last purchased it for $1.6 million in 1997. Records show Crest Group Ltd. is led by Fidel Perez of Coral Gables-based Perez & Perez Architects Planners.
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