Trimont Real Estate Advisors paid $13.6 million for the Kayak Miami Beach in a deed in lieu of foreclosure sale.
Atlanta-based Trimont acquired the 51-key property for roughly $260,000 less than the outstanding mortgage debt that the seller owed the lender, Minneapolis-based Varde Partners, records and Vizzda show. Trimont, led by executive managing director Cindy Barreda, is a Varde subsidiary.
The sale price equates to about $267,000 per room.
The seller, an affiliate of New York and Santa Monica, California-based Raven Capital Management, led by Josh Green, bought the two-story hotel at 2216 Park Avenue in Miami Beach for $20 million in 2018. Raven financed the purchase with a $13.6 million loan from Varde, records show.
Raven rebranded the 1936 building under the Kayak flag in 2021 after renovating the hotel.
Last year, Varde sued Raven’s Kayak ownership entity in Miami-Dade Circuit Court, seeking to foreclose on the property. The complaint alleged that Raven missed its maturity date payment in December 2022 after Varde had extended the deadline twice in the previous two years.
At the time the lawsuit was filed, Raven allegedly owed $13.9 million including interest and attorney fees, court records show.
Source: The Real Deal
