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.