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The sellers were a locally based principal and a New York-based investment group, Wohl tells GlobeSt.com. Jean Louis Delbeke of South Beach Investment Realty repped the sellers.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">Among reasons the buyer acquired the hotel was its size. \"The buyer wanted to have a presence in Miami Beach,\" Wohl says. \"There are a lot of boutique hotels in Miami Beach with fewer rooms, but not many in this size range.\"</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">The four-story hotel is walking distance to the beaches and close to restaurants and shopping. Following a three-year renovation and addition, the hotel reopened in mid 2003. The property includes retail space and a leased restaurant. \"The commercial space that comes with the property was attractive to the buyer,\" Wohl says.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">Wohl says there have been several interested buyers of the hotel over the years, but previous deals have fallen through. \"There is a lot of pent-up demand for well-run hotels in Miami Beach,\" he says.</p>"],"slides":[],"video":null},"youmightlike":null,"readnext":{"contents":[{"uri":"/2025/07/10/florida-ends-tax-on-commercial-rent-bringing-relief-to-tenants/","title":"Florida Ends Tax on Commercial Rent, Bringing Relief to Tenants","byline":"Anthony Russo","summary":"The removal of the tax will increase the state's competitive advantage and lure more folks to Florida. 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