The property involved in this transaction is a hotel located at 7320 Byron Avenue in North Beach, Miami Beach. The sale took place on 12/02/2021.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $3,100,000
• Address: 7320 Byron Avenue
• Market: North Beach, Miami Beach
• Buyer: Samuel Raccah & Luca Migliore
• Seller: Antonio Pere
• Broker: Luca Migliore - Sky Properties Miami
• Keys: 16
• Price Per Key (PPK): $193,750
• Square Footage (SF): 9,121
• Price Per Square Foot (PPSF): $340

The buyer, Samuel Raccah and Luca Migliore, acquired the property from the seller, Antonio Pere. The broker representing the transaction was Luca Migliore from Sky Properties Miami. The sale price of the hotel was $3,100,000, with a total of 16 keys available. The price per key (PPK) was $193,750. The hotel has a total square footage of 9,121, resulting in a price per square foot (PPSF) of $340. The buyer notes that the property is the only licensed hotel on Byron Avenue and offers a unique advantage due to zoning restrictions that prevent transient use. Each unit in the hotel features a kitchenette and a living room, catering to the needs of today's travelers. The buyers intend to self-run the hotel and add it to their existing portfolio in Miami Beach, which already consists of over 100 units.