Over the past few years, Collins Capital Holdings started buying back the individual units of the Prince Michael Condominium in Miami Beach. Now, after a vote from the condo association approving the plan to convert the units to a hotel, Collins has sold the 88-unit building to TA Hotel Management Group for $27 million.
The S. Florida Business Journal reports Western Alliance Bank provided the buyer a $35.25 million mortgage, with part of the loan funding construction for the renovations.
Built in 1951, the purchaser plans to alter a number of the rooms as well as add a new roof and pool to the soon-to-be hotel.
Hotel’s average daily rates have reached record levels in Miami Beach, up almost 30% YOY.
The post Miami Beach Condos Transforming to Hotel Units appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Read MoreConnect CREOver the past few years, Collins Capital Holdings started buying back the individual units of the Prince Michael Condominium in Miami Beach. Now, after a vote from the condo association approving the plan to convert the units to a hotel, Collins has sold the 88-unit building to TA Hotel Management Group for $27 million. The …
The post Miami Beach Condos Transforming to Hotel Units appeared first on Connect CRE.