Sandra Ortega’s Hotel in Miami Beach, the Standard Hotels, was sold by her to Barry Sternlicht, founder of the Starwood hotel company, for 55 million euros, according to El País.
The hotel has 100 rooms and is located in front of the ocean at 40 Island Avenue. The cost per room is $ 300 per night, as well as it has four stars. This is how, through the family office, Sternlicht, he managed to obtain this hotel. The founder is also President and CEO of Starwood Capital Group and Starwood Property Trust.
Ortega’s family acquired the hotel shortly before the Great Recession, in 2008. Thus, Ferrado Lido, belonging to Rosp Corunna, whose company is managed by Sandra Ortega, acquiring it. At that time, Lido paid for the hotel 34 million dollars, approximately 30 million euros at the current exchange rate. In other words, Sternlicht paid almost double.
This is one of the properties that the Ortega family had in Miami. In addition to the fact that Amancio has invested in other properties in the city, such as a block located on Lincoln Road in 2015, paying 370 million dollars and in the following year it acquired the office tower of the Southeast Financial Center in the heart of Miami for 517 million dollars.
Hotel acquired by Sternlicht
The property that Ortega sold to the founder of Starwood Capital Group is called The Standard Spa and has 9,300 square meters. It was built in 1953, with its first name Monterrey Motel and Yacht Club and reopened seven years later with a new name called Lido Spa. It wasn’t until 2005 that it changed its name to The Standard Spa.
Losses in Pandemic
After starting the pandemic in 2020, the tourism and hotel sector suffered a great economic loss, since visits and flights at the national and international level were paralyzed for several months. This was not the exception for the hotel that was owned by the Ortega family, since its investment holding company had a loss of 91 million dollars.
Likewise, the loss was added since there was a reduction in the dividends of Inditex and red numbers by Ferrado Inmuebles, which managed the business in the United States with a loss of 128.5 million dollars.
But this was not the only hotel of the Ortega family that had an economic decline, but they also closed the Standard Downtown hotel located in the city of Los Angeles.
