Nautilus South Beach marketed for sale, sources say could sell for as much as $180M
The Nautilus South Beach is being marketed for sale, and hotel industry sources say the property could trade for as much as $180 million, or about $720,000 per key.
Quadrum Global owns the beachfront 250-key hotel at 1825 Collins Avenue. The development, investment and management firm paid $61 million for the dilapidated property in 2011 and began renovations a year later. CBRE’s Paul Weimer, Christian Charre, Natalie Castillo and Jennifer Jin are the listing brokers.
The hotel was designed by Miami Modern architect Morris Lapidus in the 1950s and features a restored “stairway to nowhere” in the lobby. In 1981, it was renovated as a hotel condo, and was sold in 1985 – when it became the Riande Continental Hotel. The property now includes 51 suites and a two-bedroom penthouse, a restaurant, salt water pool, bar, cabanas and a backyard with dining.
If it sells for $180 million, the deal would mark the most expensive hotel sale in South Florida since the April 2016 sale of the Confidante Miami Beach, which traded for $229 million or about $600,000 per key.
Quadrum Global’s Foiz Ahmed, director and head of hospitality, could not be reached for comment. The New York-based private equity firm has invested more than $1 billion in U.S. real estate since 2009, according to a release.
The Nautilus is adjacent to the Shore Club hotel, where HFZ Capital Group recently canceled plans to redevelop the property into Fasano-branded condos and hotel rooms.
Source: The Real Deal