IMPALA & LA FLORA HOTEL

The Porosoff Group at Compass Commercial is pleased to present the South Beach Collection, a two-building, hotel-licensed portfolio consisting of 48 hotel rooms, a net-leased restaurant Spiga which is widely considered a South Beach institution and a vacant restaurant space that has a 4COP liquor license. The properties are situated in the heart of South Beach, within proximity to Lincoln Road Mall, Washington Avenue, the Art-Deco historic Flamingo Park district, the newly renovated Convention Center, Ocean Drive, and the Atlantic Ocean.
Hotel La Flora, at 1238 Collins, is an Art-Deco hotel that was built in 1924 and consists of 31 furnished hotel rooms on a 7,000 square-foot lot. The interior square footage of the property is 14,948 square-feet and is a three story building with an elevator. Additionally, there is a vacant restaurant space with a 4COP liquor license which can be transferred upon sale. This allows a potential operator to generate additional income by giving them the ability to sell any kind of liquor, beer, or alcohol.

The Impala Hotel, at 1228 Collins, is a Mediterranean gem with a courtyard that was built in 1931 and consists of 17 hotel rooms, three of which are suites. The property sits on a 7,000 square-foot lot with an interior square-footage of 8,414 square-feet. The hotel has a charming exterior courtyard and Spiga, a restaurant that has been in operation since late 1995. Spiga is widely regarded as one of the best Italian restaurants in Miami-Dade County.

Both sites have a net lease in place that runs through October of 2026, with (2) five-year options that extend the lease through October of 2031. The lease has a yearly 3% increase with tenant responsible for the pro-rata share of insurance and property taxes. Additionally, Spiga has a lease in place through March of 2025 with a 5% yearly increase.

The South Beach Hotel Collection offers investors the opportunity to purchase stabilized, cash-flowing properties in the hottest submarket in the United States with global demand. This coupled with high occupancy and rates driven by limited inventory, make this an investment that will only appreciate over time as the capital migration to South Florida continues to accelerate. Alternatively, a strategy could be implemented to take over the hotel operation and convert the sites to a limited-service operation which can drastically reduce expenses, spend a nominal amount of capital on FF&E and create a luxury, boutique hotel experience or continue to take advantage of limited management while
developing a long-term strategy on the sites.