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Miami Beach Condos Transforming to Hotel Units

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.

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