Standard Hotels: Sandra Ortega sells a hotel in Miami for 55 million euros | Economy


Sandra Ortega, in a file image.
Sandra Ortega, in a file image.Getty Images

Sandra Ortega makes cash with one of the hotels she owns in the United States. It is the establishment that Standard Hotels operates in Miami Beach, whose sale to the founder of the Starwood hotel company, Barry Sternlicht, has been closed for about 55 million euros, according to what has been advanced The Real Deal Y Commercial Observer.

The hotel, which has about 100 rooms, is located at 40 Island Avenue, facing the sea. A privileged location that allows this four-star hotel to have rates that start at around $ 300 a night.

Billionaire Sternlicht, founder of the Starwood hotel chain and now President and CEO of Starwood Capital Group and Starwood Property Trust, will acquire the property through his family office, JAWS Estates Capital. According to Forbes, Sternlicht is worth $ 4.3 billion. After the operation, the hotel will continue to be managed by Standard Hotels.

The luxurious Miami Beach hotel passed into the hands of the Ortega family in 2008, months before the start of the Great Recession. It was bought by Ferrado Lido, which belongs to Rosp Corunna, a company controlled by Sandra Ortega. Then he paid for the property 34 million dollars (about 30 million euros at the current exchange rate), so the operation has been closed for a price of almost double.

This is one of the properties owned by the Ortega family in Miami. Amancio has also invested heavily in the city. Among them is the purchase of an apple on Lincoln Road in 2015, for which he paid 370 million dollars. And a year later, it acquired the office tower at the Southeast Financial Center, in downtown Miami, for $ 517 million.

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The hotel that is no longer in Ortega’s portfolio, called The Standard Spa, Miami Beach, is about 9,300 square meters. It was built in 1953: first it was called the Monterrey Motel and Yacht Club, then it reopened in 1960 as Lido Spa and in 2005, after a renovation, it began its life as Standard Spa.

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Investment readjustment

Sandra Ortega’s real estate and hotel business suffered the coronavirus blow in 2020. Rosp Corunna, his holding investor, made 91 million losses. The biggest blow was, in addition to the reduction of Inditex dividends, the red numbers harvested by Ferrado Inmuebles, from which it manages the business in the United States: -128.5 million.

To this must be added the situation of Room Mate, a firm of which it owns 31% of the property and which it has for sale. In addition, Ortega’s partnership has made other moves in its American hotel business. For example, in Los Angeles the Standard Downtown hotel closed.

The portfolio of all the companies that converge in Rosp Corunna includes offices, hotels, commercial premises, homes and even car parks. It is about the matrix, created by Rosalía Mera, which Sandra Ortega inherited in 2013.


elpais.com

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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