Related Group and Dezer Development has completed the sale the hotel portion of the newly completed Hyde Midtown Suites & Residences luxury condo-hotel project in Midtown for $21.8 million. The buyer was Midtown Hotel Investment LLC, which is led by Haim Yehezkel of Elysee Investments and the agreement was first announced while the project was still under construction. The deal was financed via a $14.5 million mortgage provided by Bank of America and breaks down to roughly $363,000 per key. The deal was brokered by Hernan Gleizer of Optimar First International Realty. The 60-key hotel will be managed by sbe and is located at 4101 Northeast First Avenue in Midtown Miami. HYDE Midtown will be the first hotel to open in Midtown.
In total the HYDE Midtown Suites & Residences project features 410 luxury residential condos and 60 hotel suites. The 32-story, 480,000 SF building was designed by Arquitectonica with interior design by the Rockwell Group. Amenities were designed to be tailored towards millennials which include a HYDE Music Lounge & Piano Bar, restaurant, pool terrace with jacuzzi, putting green and tennis court, state-of-the-art fitness center and private screening theater. Hyde Midtown Suites & Residences initially broke ground in September 2015.
