A French hotelier has acquired the Kimpton Angler’s Hotel in Miami Beach for $43.5 million, one of the most expensive hotel transactions in the city this year.
The 132-room property at 600 Washington Avenue was purchased by Hotels Investment and Management Team LLC, a company led by Philippe Le Guennec. The seller was San Francisco-based KHP Capital Partners, according to property records.
The sale price amounts to roughly $330,000 per room or about $430 per square foot. The deal includes all furniture, fixtures, and equipment. The nearly one-acre site features two pools, three food and beverage outlets, an underground parking garage, 2,400 square feet of retail event space, and 1,100 square feet of meeting space.
Le Guennec previously bought and sold another Washington Avenue hotel and currently owns a portfolio of ten hotels in Paris. He plans to eventually brand and manage the Angler’s himself. Commercial agent Susan Gale of Gale International at One Sotheby’s International Realty represented the buyer alongside attorney Chad Freedman of Ballaga, Freedman & Atkins. Alex Lalos of Hodges Ward Elliott represented the seller.
The original parts of the hotel date back to 1923 and 1930; a five-story addition was completed in 2018. The property last changed hands in 2013 for $5.4 million.
Le Guennec financed half of the purchase price with debt and intends to invest millions more into renovating the hotel.
Gale noted increased interest from European buyers: “She’s seeing more prospective buyers from Europe.” She described competition for this transaction as high: “the deal was ‘very competitive’ and is indicative of an increase in demand for hotels.”
Regarding recent market activity, Gale commented that prior to this transaction there were few comparable sales because “many hotel sellers haven’t been realistic about pricing.”
The largest sale of an operating hotel (not slated for redevelopment) in Miami-Dade County this year was East Miami at Brickell City Center. Trinity Investments and Certares sold that 352-room property to Blackstone for $300 million; however, only $147.8 million was recorded on the deed—likely not including payment for furniture or other equipment.
