Pebb Capital – a diversified, multi-strategy real estate and private equity investment firm – in a partnership with LeaseFlorida, today announced the sale of Hampton by Hilton at The Continental in Miami Beach, Florida for $43.90 million. This deal is a record for the Hampton flag, marking the second-highest price per key in the brand’s portfolio. The five-story, 100-key property, which is historically designated, was rehabilitated in 2016 by the joint venture for $25 million.
Located at 4000 Collins Ave., the property is just one block from the ocean, allowing guests prime access to the Miami Beach experience, with hospitality and entertainment just steps away. Bookings remained robust from Fall 2021 to Spring 2022, with occupancy consistently near 100 percent.
“We have witnessed the hospitality industry’s evolution in the last 24 months, demonstrating that consumers are drawn to destination experiences and prime markets that are undergoing major transformation, like Miami Beach,” said Todd Rosenberg, managing principal and co-founder of Pebb Capital. “The record price point per key for this product is a testament to our vision to deliver a re-imagined historic hotel and capitalize on the momentum and long-term growth of its location. We look forward to continuing our involvement in the market.”
Pebb Capital and LeaseFlorida embarked on the restoration of the former Continental Hotel and its historic facade, which is post-World War II MiMo (Miami Modern) designed by Abraham Herbert Mathes in the 1940s. The original marble-clad reception desk and pool were also restored, with modern repositioning of its interiors to align with the Hampton by Hilton brand. In its storied past, the property originated as a hotel and then served as a condominium in the early 1990s, named The Continental on Collins Ave Condo, until it was converted back to its historic use.
Guest rooms and common area spaces boast the comforts and amenities synonymous with Hampton by Hilton, complete with a pool, fitness center and business center. Every Hampton by Hilton guest enjoys the brand’s signature free, hot breakfast with healthy options; On the Run™ breakfast bags; and free WiFi in every room. Hampton continues to lead the pack in terms of guest experience, with guest happiness being the number one priority, backed by the 100% Hampton Guarantee™.
Hampton by Hilton at The Continental is part of Hilton Honors®, the award-winning guest-loyalty program for Hilton’s 18 distinct hotel brands. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can’t be found anywhere else and free standard WiFi. Members also enjoy popular digital tools available exclusively through the industry-leading Hilton Honors mobile app, where Hilton Honors members can check-in, choose their room and access their room using a Digital Key.