MIAMI BEACH, FLA. — Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of Eastdil Secured, represented the seller in the transaction. Sonesta International Hotels Corp. will take over the operations of the eight-story hotel. Nautilus by Arlo features 50 suites and a two-bedroom penthouse, as well as a lobby with a coffeeshop, sunken lounge and a bar area. The hotel opened in 1951 and was renovated in 2015.
Service Properties Trust Purchases Nautilus by Arlo Hotel in Miami Beach for $165.4M