Despite my recent criticism against the condo-hotel formula, EWM has sold the rundown Angler's Hotel located at 634 Washington Avenue for a record $5 million to a group led by entrepreneurs Gregg Covin, Kevin Venger, and Michael Capponi.
Home to vagrants and shady figures, this old pink hotel has long been an unfriendly neighbor for local residents and business owners along the main drag in Miami Beach. As if that was not enough, in recent years the property was locked into a lengthy litigation, which all but prevented any possibility of restoring the buildings" says hotel broker Jeff Cohen of Esslinger • Wooten • Maxwell, who handled the transaction.
Miami architect, Alan Schulman, will design two new buildings to the complex, which will comprise 55 fully furnished resort residences, ranging in size from 460 to 1,070 square feet, including 15 two-story townhomes.
J. Wallace Tutt III, famous for turning Gianni Versace's mansion into a Miami landmark, is coming back from his retirement to attach his signature to the Anglers' interiors.
It's a good location for a condo-hotel. The Bentley Beach is nearby and they're making a strong go of it.
Here is a list of condo-hotels in Miami.
When the project materializes, these are my suggestions:
-Don't charge an arm and a leg
-Tie in promotions with local vendors
-Provide great customer service
-Provide free wireless Internet access.
-Provide free breakfast
-Think about repeat business.
-Think about word of mouth
-Make yourself accessible
-Be realistic about market conditions
-Create a community
-Start a blog
"There’s only one thing harder than starting a new business: Re-inventing an old one.
Angler's condo-hotel in Miami Beach 411's Real Estate News section.