MIAMI–After an 18-month long process, the Holiday Inn Port of Miami just sold. The price: $65 million.
340 Biscayne Owner, an entity run by Gilberto Bomeny, sold the hotel the developer of the proposed ITC Miami. ITC is a mixed-use project planned for the site.
Colliers International South Florida senior vice president Larry Stockton and senior associate Jeff Resnick, brokered the transaction between the buyer. Colliers also represented the buyer, Marina Park Inn.
"Though there is speculation, in some circles, that that real estate market is slowing in Miami, the activity is still fierce for the well-located sites," Stockton tells GlobeSt.com. "The site uses are changing from 100% residential to more mixed uses with hotel, office and retail components playing greater roles."
The proposed ITC Miami is a 77-story mixed-use project which is planned to include 400 condos, 240 hotel rooms, 270,000 square feet of retail and 246,000 square feet of office space. The site plans have been approved by the City of Miami's Urban Design Review Board.
"The beauty of this site is that the hotel earns over $5 million in annual net operating income, which gives the developer the flexibility to develop the site when he sees fit since it carries itself as-is," says Stockton. The Holiday Inn is located at 340 Biscayne Boulevard in Miami and is 1.1 miles from the Port of Miami.
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