Argentinian Investors buy South Beach Hotel

Argentinian Investors buy South Beach Hotel

Vacation News » Done Deals | By WPC Deals Team | July 29, 2013 12:21 PM ET

An investment group from Argentina operating under the name 418 Meridian LLC has purchased the former Plaza Hotel on South Beach for $5.5 million.

The seller was LeaseFlorida, which acquired the 20,809-square-foot property in 2012 after foreclosing on a $3 million mortgage, plus interest and fees. It has since made the building structurally sound and cleared up code violations, according to the South Florida Business Journal

The property includes a three-story, 60-room hotel and a one-story apartment building. The foreign investors obtained a $2.78 million mortgage maturing January 18 from Meridian Lender LLC. They plan to renovate and reopen the hotel, which has been closed for several years, the Business Journal reported.

Real Estate Listings Showcase

This website uses cookies to improve user experience. By using our website you consent in accordance with our Cookie Policy. Read More