A French hotelier has acquired the Kimpton Angler’s Hotel in Miami Beach for $43.5 million, making it one of the most expensive hotel transactions in the city this year.
The buyer, Hotels Investment and Management Team LLC, is led by Philippe Le Guennec. The firm purchased the 132-room property at 600 Washington Avenue from KHP Capital Partners, a company based in San Francisco. The sale equates to approximately $330,000 per room or about $430 per square foot, with the price covering furniture, fixtures, and equipment.
Le Guennec owns ten hotels in Paris and previously bought and sold another hotel on Washington Avenue. He plans to eventually brand and manage the Angler’s himself. “The deal was very competitive,” said Susan Gale of Gale International at One Sotheby’s International Realty, who represented Le Guennec along with attorney Chad Freedman of Ballaga, Freedman & Atkins. Alex Lalos of Hodges Ward Elliott represented the seller.
The property includes 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. It last sold for $5.4 million in 2013 before its previous owners added a five-story extension in 2018.
Le Guennec financed half of the purchase price through debt and intends to invest several million dollars into renovations. The original buildings date back to 1923 and 1930.
Gale noted increased interest from European buyers: “She’s seeing more prospective buyers from Europe.” She also commented on current market conditions: “Prior to this deal, there haven’t been that many sales,” she said. Many sellers have not been realistic about pricing.
Earlier this year, Miami-Dade County saw its highest-priced operating hotel sale when East Miami at Brickell City Center changed hands for $300 million. Trinity Investments and Certares sold the 352-room hotel to Blackstone; however, only $147.8 million was recorded on the deed — a figure likely excluding furniture and other equipment costs.
