Opterra Capital Acquires Hotel On Collins Avenue In Miami Beach For $28M

2940 Collins Avenue, located in Miami Beach, has been sold in a recent transaction. The property is a hotel with a total area of 40,300 square feet. The sale was completed on 09/28/2022, and the buyer was Opterra Capital represented by Glenn Alba. The seller of the property was Baywood Hotels. The sale price for the hotel was $28,000,000. The property consists of 96 keys, resulting in a price per key of approximately $291,667. The price per square foot for the hotel is $695.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $28,000,000
• Address: 2940 Collins Avenue, Miami Beach
• Market: Miami Beach

Glenn Alba from Opterra Capital represented the buyer, while Baywood Hotels was represented by their own broker during the transaction. This sale presents a significant investment opportunity in the thriving Miami Beach market.