MIAMI-Terra Group's affiliate has acquired the closed Grand Bay Hotel located 2669 S. Bayshore Drive in Coconut Grove for $24 million, a 44% decrease from the debt value of $42.5 million on the property. A Spanish bank utilized the mortgage to take over the control of the hotel in a deed in lieu of foreclosure.
Merco Group purchased the hotel in 2005. The 177-room hotel, formerly called as the five-star Wyndham Grand Bay Hotel, measures 392,292 square feet. For the full story, go to South Florida Business Journal .
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