A hospitality fund recently purchased an Ocean Drive hotel in Miami Beach. In fact, Optimum Development USA sold the Celino South Beach hotel complex to CGI Hospitality Opportunity Fund I. Rodriguez’s A-Rod Corp. Adi Chugh of Maverick Commercial Properties also joined the group’s fund.
The renovated 132-key Ocean Drive hotel will open in the fall under the Curio Collection by Hilton brand. In 2013, this property was acquired by Optimum for $51 million. They later underwent a multimillion-dollar renovation. Furthermore, the property includes 26 suites and a few food and beverage outlets.
Allegedly, CGI Merchant Group launched a hospitality fund recently. Their goal is to purchase 20 hotels in gateway cities.
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About Ocean Drive:
The Ocean Drive is the most famous avenue in Miami Beach. In the southern part of the island, in South Beach, it is in front of the beach. It is famous for its buildings in art deco style, besides the excitement that lasts day and night. It is there that are the main nightclubs of South Beach.
The Ocean Drive, on one side, has several bars and restaurants. On the other side, across the street towards the beach, is the Lummus Park, a linear park with a huge boardwalk where beautiful people, of all styles, walk, do exercises, run, stroll, they go rollerblading, skateboarding or riding a bicycle. To go to the beach just cross the strip of Lummus Park and ready! Rent a chair and an umbrella and the fun is guaranteed.
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