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❑ mh 2 OCEANFRONT HOTELS SOLD 06/03/1993
THE MIAMI HERALD
Copyright (c) 1993, The Miami Herald
DATE: Thursday, June 3, 1993 EDITION: FINAL
SECTION: BUSINESS PAGE: 1C LENGTH: 37 lines
SOURCE/CREDIT LINE: BEATRICE E. GARCIA Herald Business Writer
2 OCEANFRONT HOTELS SOLD
Two oceanfront hotels in Dade County have attracted out-of- town buyers.
One of the largest hotel chains in Spain has purchased the 146-room
Radisson Pan American Ocean Resort in Sunny Isles for $7.9 million, launching
its plan to expand its operations in the Caribbean in the next few years.
Riu Hotel S.A., based in Mallorca, Spain, joins two other Spanish hotel
companies, Grupo Sol and Occidental Group, that have bought hotels in the
Miami area recently.
The Tarleton Hotel at 2649 Collins Ave. was bought by Bonus Inc. , a
company headed by Habib Kahn of Albuquerque, N.M. Kahn has operated hotels in
Colorado, Wyoming and New Mexico.
Riu Hotel already owns two major resorts in Playa Isla Canela and Punta
Cana in the Dominican Republic. The company is also looking at expansion in
Mexico, said Pedro Martin, a Miami attorney who represented Riu in purchase of
the Sunny Isles hotel.
The Spanish company now owns and operates a total of 34 properties. The
Radisson Pan American is Riu's first purchase in the United States.
Riu Hotel is 49 percent owned by Turistik Union International, a German
firm that's one of the largest tour operators in Europe. European tour
business will be the mainstay for Riu's South Florida resort, Martin said.
The Radisson Pan American, built in 1951 and expanded 1955, sits on
nearly four acres of oceanfront property. There's room on the property for a
three-story, 100-room addition, a feature that' appealed to the buyer, said
Sheldon Greene, one of the two brokers involved in the sale. The hotel at
17875 Collins Ave. was sold by Hubbard Broadcasting Inc., of St. Paul, Minn.
The eight-story Tarleton was sold by a company headed by Eric Jacobs, who
is chairman of the Miami Beach Visitors and Convention Authority, a
seven-member volunteer board appointed by the Miami Beach city commission. The
Tarleton was sold by Sheldon Greene & Associates and Wimbish Realty.
TAG: 9302070066