Miami – HFF announced today that it has closed the sale of Haddon Hall, a 123-room historic, art-deco hotel, and the adjacent Campton Apartments, a 45-unit multi-housing community centrally located in Miami Beach, Florida.
HFF marketed the property on behalf of the sellers, Haddon Hall Associates, Ltd. and Campton Associates, Ltd. The purchaser of the property was an affiliate of Rockwood Capital. The hotel was offered unencumbered by any brand or management agreement. Terms were not disclosed.
Haddon Hall and the Campton Apartments are situated on an approximately 1.4-acre site with frontage along both Collins Avenue and Washington Avenue, one block from Ocean Drive and Miami Beach and less than two blocks from the Lincoln Road retail and entertainment corridor. Haddon Hall, originally constructed in 1940, was designed by world-renowned architect L. Murray Dixon and is a contributing building to the Miami Beach Architectural District, which is part of the U.S. National Register of Historic Places. The property features expansive indoor and outdoor public areas and offers one of the largest non-oceanfront swimming pools in Miami Beach. The offering also included the right to expand the property by approximately 50,000 square feet of additional space.
The HFF investment banking team representing the seller was led by executive managing director Manuel de Zarraga, senior managing director Daniel C. Peek, director Max Comess and senior hospitality analyst Cyrus Vazifdar.
“The sale of Haddon Hall and the Campton Apartments demonstrates the continued strength and desirability of Miami as one of the world’s most highly sought hotel investment markets,” commented Peek, who is based in South Florida and serves as head of HFF’s hospitality practice group. “This is a great example of an institutional buyer entering the market to significantly rehabilitate a property that has an incredible location and the potential to create significant value.”
Comess, a director in HFF’s Miami office, adds, “The trade of Haddon Hall further solidifies our thesis that both investors and visitors to our city are moving increasingly inland and northward, closer to our world-class retail, cultural and entertainment destinations. We are excited for the buyer and for the future of this iconic property, which will surely become one of the most dynamic hotels in South Beach.”
HFF’s hotel group previously arranged the sale of the Seville Beach Resort on Collins Avenue at 29th Street in Miami Beach, which is in its final stages of redevelopment and will soon reopen as the Miami Beach Edition. The group subsequently arranged the sale of the Cheeca Lodge and Spa in Islamorada, the Westin Imagine in Orlando and the Residence Inn in Coconut Grove, all on behalf of separate sellers.
Rockwood Capital is a privately-held real estate investment firm with offices in White Plains, NY, San Francisco, and Los Angeles. Rockwood provides equity and debt capital for core, core-plus, value-add and special situation real estate investment opportunities in key U.S. markets. The firm manages more than $4.8 billion of equity commitments on behalf of more than 90 public and private pension plans, endowments, foundations, insurance companies, and high net-worth families and individuals.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.