The Seagull Hotel in Miami Beach sold and leased

Real Estate

The Seagull Hotel Miami Beach's deed and lease traded hands in January, and the two separate deals totaled $163.5 million.

BHI Miami Limited, a subsidiary of London-based Blue Horizon Advisors led by Nabil Kobeissi, purchased the 172-room hotel for $120 million from JHG Holdings Miami Owner LLC, a joint venture between Jeffrey Dagowitz and Miami-based Lionheart Capital.

In October 2018, BHI Miami Limited acquired the existing mortgage from JHG Holdings and modified it at $32 million.

The $120 million deed price equates to nearly $700,000 per room for the hotel at 100 21 St. in Miami Beach, just off Collins Avenue.

Additionally, the property's lease traded for $43.51 million, according to county records. The previous tenant, JHG Holdings, transferred the terms of the lease to Charles Bernard Ltd., a subsidiary of Miami Beach-based Charles Group Hotels let by Charles Neiss.

The 99-year lease was signed in 1950. The hotel was built in 1948.

The Seagull Hotel sits on a 53,430-square-foot lot near Collins Park. The hotel itself is 116,335 square feet spread across eight floors.

Hotelier Jeffrey Dagowitz and Lionheart Capital bought the Seagull Hotel in 2017 for $31.1 million at auction. That means the deed sale alone accounted for a 286% increase in the property's price.