MIAMI-The $13.4-million sale of the One Bal Harbour resort here to the 10295 Collins Avenue Residential Condominium Association closed on Monday.
The purchase included the hotel tower, common areas and nine unsold condo units at the property. The condo association plans to sell the hotel component of the resort, according to the Miami Herald.
WCI Communities, the developer of the project, filed for bankruptcy in 2008 three years after the property was completed. Later, Elcom Hotel & Spa and Elcom Condominium acquired the property, but later filed for bankruptcy as well, which led to a bankruptcy auction sale of One Bal Harbour. See story in the Miami Herald.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
