Jones Lang LaSalle Announces Sale of Breakwater Edison
JUNE 10, 2008. On behalf of Oaktree Capital, Jones Lang LaSalle Hotels is pleased to announce the $24.8 million sale of the Breakwater Edison hotel to Nakesh. Barry Mukamal of Rachlin LLP, appointed bankruptcy trustee for the Breakwater Edison, retained Jones Lang LaSalle Hotels for the disposition. The hotel is the result of combining two unique buildings, the Breakwater and the Edison hotels, situated in trendy South Beach. The property can accommodate up to 94 guestrooms and is partway through a significant redevelopment which will allow it to compete with other boutique hotels in the area.
The Miami Beach lodging market continues to experience strong growth from its importance as an international business destination, desirable year-round climate, reputation as the Latin American entertainment capital and increasing demand from leisure travelers. With over eight million annual visitors directly contributing $11 billion to the economy, Miami Beach continues to be a hot market for hotel investments.
"The Breakwater Edison offered a unique opportunity for a buyer to enter a tight market," said Christian Charre, a senior vice president of Jones Lang LaSalle Hotels. "The purchaser will have the opportunity to complete the redevelopment and open a new hotel on South Beach."
"Jones Lang LaSalle Hotels assisted us in providing worldwide exposure for the property," said Barry Mukamal, a partner at Rachlin LLP. "Miami is the leading hotel market in the southeast and one of the top-ranked lodging markets in the nation."
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