MIAMI BEACH— Think Hotel Group, which owns several hotels here, has acquired the Clinton Hotel from Rockville, MD-based East Coast Reality Ventures for $28.5 million. Douglas Elliman’s Commercial division, led in the South Florida market by David Restainer as Douglas Elliman Commercial Florida, was named exclusive broker to market this historic Art Deco property in 2014.
“This is the third hotel that Think Group has purchased with us in the last two years [The Plymouth and the Ansonia Hotels are currently under development],” said Restainer. “It is a great pleasure working with Shawn Vardi and his team. They have great vision, a knack for unlocking value, are aggressive and get to the closing table. They are going to do amazing things to the hotel that will invigorate Washington Ave.”
The Clinton Hotel is located on Washington Ave. at Eighth St., just two blocks from South Beach. It was originally built in 1934 with architectural design by Charles Neilder and recently underwent a refurbishment that included the addition of two new stories, more than 5,500 sq. ft. of retail space and upgraded food and beverage facilities. Think Hotel Group will begin renovations and improvements immediately.
Leading efforts for the Clinton Hotel transaction alongside Restainer is Michael Hartman, a hospitality assets specialist with over 18 years in hotel ownership, development and operations.