Kolter Hospitality and BH Group paid $24 million for the Crystal Beach Suites Miami Oceanfront Hotel. The 84-room hotel at 6985 Collins Ave. on the northern end of Miami Beach, was up until recently a timeshare condo. The S. Florida Business Journal reports Crystal Beach bought out the majority of the units and the condo association ended October 27. Built in 1950, the hotel has suite-style rooms with kitchens and living rooms with pull-out sofa beds.
Kolter Hospitality has acquired and renovated many hotels throughout Florida, with 15 hotels in its portfolio at this time.
BH Group has invested in a range of property types in South Florida, including condo development, apartment construction, retail, office and mixed-use projects.
This is the second South Florida condo-to-hotel sale in as many days.
The post Miami Condos Make Way for Hotel Rooms appeared first on Connect CRE.