(l-r) Ken Krasnow, Larry Stockton and Luis Lira (Courtesy photos)
A deal inked by Colliers International South Florida may bring a Movich-branded hotel to Miami.
Movich Hotels and Resorts is a Colombian chain founded by German Efromovich, the largest shareholder of Avianca, Colombia’s national airline. Colliers’ Latin America team was representing Pactia, which develops real estate that include Movich hotels in Colombia, when the group expressed interest in Miami.
“We were told that the owner of Avianca airlines was looking for a site, so we specifically targeted locations in or around Miami International Airport,” said Larry Stockton, senior vice president with Colliers in Miami.
Luis Lira, vice president with Colliers’ Latin America team, and managing director Fernando Araiza introduced the interested Colombian group to Miami. The duo, who previously represented the group in Colombia, brought the client to Stockton and executive managing director Ken Krasnow about 1½ years ago.
Stockton and Krasnow presented the client with four sites, all of which were off the market. Stockton said he specializes in off-market transactions valued at over $10 million.
The Colombian developer zeroed in on 850 NW 42nd Ave., a 4.3-acre site owned by a company controlled by Sergio Pino, president of Century Homebuilders Group.
The result: Pactia entered into a joint venture with Pino’s company to develop the parcel southwest of the Dolphin Expressway and Le Jeune Road, which can hold up to 424 multifamily units or 848 hotel rooms.
The $18.75 million deal speaks volumes about Miami’s global popularity, Stockton said.
“We’re getting these kinds of inquiries, calls and requests pretty frequently,” Krasnow said.
Foreign investors are increasingly looking to team up with South Florida developers to minimize the risks of venturing solo into a new market. The brokers expect similar joint venture deals to flow into the market this year.
Lira and Araiza are now based in the Miami office to streamline the activity in Latin America with local operations, Krasnow said.
“Having them in our office really does facilitate transactions like this,” he added.
Stockton said Pactia’s plans for the site will most likely include a combination of a Movich-branded hotel and a multifamily development.