For $20M, Leslie Hotel Joins 'Boutique' Condo Collection

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MIAMI-A partnership between Paul Anton and Steven Boughner has closed on a $9.5-million acquisition of the 1930′s Art Deco-style Leslie Hotel at 1244 Ocean Dr. Anton tells GlobeSt.com this is the second property in what he calls the “Miami Beach Collection” of “boutique” condo properties. The seller is a group of investors from South America and Europe.

The Leslie’s hotel operations “went out of commission” at the close on Aug. 12, Anton says, and his partnership will invest $10 million to convert the four-story, 48-room property into eight duplex condominiums to sell for between $1.5 million and $2 million each. The selling price includes membership in Casa Casuarina, a private club located one block away.