The owner of a Holiday Inn in downtown Miami filed for Chapter 11 bankruptcy protection, with a plan aimed at luring investors to redevelop the site.
With its close proximity to PortMiami, Bayside Marketplace and the planned Waldorf Astoria Miami luxury tower, the hotel owner’s attorney Linda Worton Jackson said the 10-story building at 340 Biscayne Boulevard is attracting interest from potential investors. The property could be redeveloped as a mixed-use project with a hotel component.
“The site is primed for development,” Worton Jackson said. “It’s in a fabulous location with a lot of investors eyeing it with a view toward redevelopment.”
The hotel is owned by the entity 340 Biscayne Owner LLC that is tied to Brazilian developer Gilberto Bomeny, who paid $65 million for the property in November 2015. The same company sold the land underneath the Holiday Inn to Kawa Capital Management in 2016 in a leaseback deal. The site consists of three contiguous parcels with a combined area of 39,982 square feet, which has been occupied since 1950 by a 200-room hotel currently under the management of Holiday Inn.
Source: The Real Deal