Hospitality mogul Nick Patel bought a waterfront spec home on Miami’s Venetian Islands from developer Pascal Nicolai for $19.4 million.
Records show Patel’s Kalyan Miami Family LLC, an entity registered to his company’s Glen Allen, Virginia headquarters, bought the house at 1369 North Venetian Way from Nicolai.
Dora Puig with Luxe Living Realty had the listing, and Matthew Crane of Compass brought the buyer. Crane now has the home listed as a rental asking $110,000 per month.
Patel is president of Kalyan Hospitality, a firm that owns dozens of hotels across the country, including Marriott International, Hilton, IHG Hotels & Resorts and Choice Hotels brands, according to its website.
Nicolai’s Miami-based Sabal Development builds spec homes across South Florida. In 2023, he sold an oceanfront Highland Beach mansion for $30 million. In November, he bought an oceanfront Fort Lauderdale lot for $10.8 million with plans to build a 10,000-square-foot mansion.
Records show Nicolai bought the quarter-acre site on the Venetians’ San Marco Island for $3.3 million in 2017. He completed the 6,500-square-foot house in 2023. It has five bedrooms, four bathrooms, one half-bathroom, a pool and a dock, records and the listing show.
Nicolai listed the home for $21.9 million in 2022, and raised the price to $23.9 million in 2023 before bringing it back down to $21.9 million in September, according to Zillow.
Newly constructed homes have been in high demand and short supply in South Florida, agents say. Ballooning construction costs have squeezed the pipeline of such homes coming to market, causing prices for the few that are available to surge. In October, David and Victoria Beckham paid $72.3 million for a waterfront North Bay Road spec home, marking a record deal at the time for the Miami Beach street.
More recently, spec homes have been driving deals on the Venetians. Earlier this month, Progressive heir Daniel Lewis sold a waterfront spec home for $19.5 million. Also this month, Spectrum Business Ventures CEO Amit Raizada found a buyer for a waterfront spec home asking $21 million.