Optimum sells Ocean Drive hotel
Optimum Asset Management (Optimum), a boutique real estate investment manager with assets in Europe and the US, has completed its sale of the iconic Celino South Beach hotel on Miami’s Ocean Drive.
CGI Merchant Group, backed by Alex Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Surya Capital Partners, has acquired the asset.
Celino South Beach is the largest hotel development on Miami’s world-renowned Ocean Drive with four buildings, two swimming pools and three restaurants, boasting ocean views from all 132 rooms, including 26 suites. Located within a two-minute walk from Miami beach, the Art Deco hotel was originally built in 1937 and has since become a historic landmark for clientele visiting Florida both domestically and internationally.
Focused on acquiring and enhancing a diversified portfolio of residential and commercial properties, Optimum’s Real Estate Fund – USA II acquired Celino South Beach, including the former Park Central, the Imperial Hotel, Heathcote Apartments and then-vacant land, from Goldman Properties in 2013. Optimum started its USD40-plus million renovation and expansion of the hotel in 2015, refurbishing all suites, bars and restaurants to an elite standard and connecting all four of the site’s buildings.
CGI Merchant Group, the global investment management firm with a focus on real estate and private equity, has completed its acquisition of the site from its Hospitality Opportunity Fund I. The USD650 million fund counts former baseball superstar Alex Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Surya Capital Partners as investors.
Rodolfo Misitano, CEO at Optimum Asset Management, says: “Optimum’s multi-year process of expansion and renovation has revitalised the historic Celino South Beach site, transformed its global brand and helped to spearhead the relaunch of Miami’s Ocean Drive.”