ATLANTA, GA- Dec. 1997 - Hotel Partners International has confirmed the sale of the Ramada Deauville Resort in Miami Beach, FL. The resort was sold by a local private investor to a joint venture between Memphis-based Davidson Hotel Company and Prudential Real Estate Investors for an undisclosed price. The property will be managed by Davidson Hotel Co. Robert Taylor of Hotel Partners' Atlanta office, a native of nearby Miramar and graduate of the University of Miami, represented the seller in this transaction.
Renovations of over $13 million will reportedly be completed. Extensive property improvements could result in the eventual repositioning of the hotel to capture a stronger share of the group and high-end leisure segments.
The 544-room Deauville the second largest lodging facility in Miami Beach was the site of the taping for the Beatles' premier with Ed Sullivan in 1964, and a major convention hotel for the 1972 Democratic National Convention.
The Deauville is located on Collins Avenue, north of South Beach's Art Deco District and near Bal Harbour. Amenities include 500 feet of beachfront along the Atlantic, tennis courts, multiple food and beverage outlets, various recreational facilities and 72,000 square feet of meeting and banquet space.
About Hotel Partners International Chicago-headquartered Hotel Partners International is the world's premier hotel investment advisory firm. Services provided to the hospitality investment community include individual hotel and portfolio acquisition and disposition, debt and equity financing and asset management. Hotel Partners has offices in Atlanta, Boston, Chicago, Dallas, Hong Kong, Honolulu, London, Los Angeles, Miami, New York, Singapore and Tokyo.