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.
Hotels Investment and Management Team LLC, led by Philippe Le Guennec, purchased the 132-room property located at 600 Washington Avenue. The seller was KHP Capital Partners, a firm based in San Francisco. The sale price equates to approximately $330,000 per room or about $430 per square foot and includes furniture, fixtures, and equipment.
Le Guennec is returning to Miami Beach after previously buying and selling another hotel on Washington Avenue. He currently owns ten hotels in Paris and intends to brand and manage the Angler’s himself in the future. Susan Gale of Gale International at One Sotheby’s International Realty represented Le Guennec in the transaction, with legal counsel from Chad Freedman of Ballaga, Freedman & Atkins. Alex Lalos of Hodges Ward Elliott represented the seller.
The Kimpton Angler’s Hotel features 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. The property last sold for $5.4 million in 2013 before a five-story addition was constructed in 2018. The original buildings date back to 1923 and 1930.
The purchase was financed with a 50 percent loan-to-value ratio. Le Guennec plans to invest several million dollars into renovating the property.
Susan Gale described the deal as “very competitive” and noted increased interest from European buyers: “There haven’t been that many sales,” she said. She also commented that many sellers have unrealistic expectations regarding 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; however, public records show only $147.8 million recorded on the deed—likely excluding costs for furniture and equipment.
