JMH Development has sold the Aloft South Beach to Rockpoint Group for a total cost of $105 million, or $446,809 per key sale price.
Acquired in 2004 and originally entitled as condos by Jason Halpern, founder and managing partner of JMH Development, as the recession approached, he turned its vision into much more. Bringing in Mitchell Hochberg as his partner due to his extensive experience in hospitality and their longstanding business relationship, the property was held, paid off, and turned into the largest Aloft in the world.
Converting the development from the 1954 era Motel Ankara into a 130,000-square-foot playground, which also includes 235-rooms, a renovated historic portion and a new, eight story tower, the property exemplifies the forward-thinking Aloft urban aesthetic, while capturing the carefree vibe of Miami Beach.
