The historic landmark hotel located at 2618 Collins Avenue in Miami Beach has been sold in a closed transaction. The property, comprising 88 units and spanning 47,585 square feet, was listed for an asking price of $27,000,000. The sale was successfully completed at the full asking price of $27,000,000, resulting in a price per unit of $306,818 and a price per square foot of $567.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $27,000,000
• Units: 88
• Price per Unit: $306,818
• Square Footage: 47,585
• Price per Square Foot: $567

This notable transaction was facilitated by Orine Dadon of Adar Investments & Management LLC acting as the broker. Eli Dadon and his investors, represented by 2618 Collins Capital Holdings, served as the sellers in the deal. Adar Investments & Management successfully secured the full asking price, and the project includes plans and permits for a breathtaking renovation that is set to commence shortly.