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 recentl 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. The price comes out to $272,727 per room. Built in 1950 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.