Ladder Capital sold the Washington Park Hotel in Miami Beach for $43.8 million, after foreclosing on the property when it was owned by the Witkoff Group.
The foreclosure and subsequent sale of the hotel marks one of a few such deals in South Florida to close since the pandemic began a year ago. Many owners of leisure hotels are focused now on recovery, while properties that rely on business travel continue to struggle, brokers say.
WPH Properties LLC of Beverly Hills, California, purchased the 181-key hotel at 1050 Washington Avenue, records show. The sale was brokered by Hodges Ward Elliott brokers Max Comess, Rudy Reudelhuber and Alexandra Lalos.
The buyer is tied to an LLC owned by Jean Simonian, who owns the watch store Westime. The sale equates to $242,000 per room.
Witkoff Group, led by Steve Witkoff, purchased the Art Deco hotel from the Majestic Organization in 2013 for $25.5 million. It closed on a $45 million loan from Ladder Capital in 2016, toward the end of a major renovation of the property.
Ladder filed a foreclosure lawsuit in July, seeking to collect the entire loan, along with interest and late fees. Ladder recently gained title to the property through the foreclosure, paving the way for its sale to WPH Properties, court records show.