Mark Wohl, senior associate in the Miami office of Marcus &Millichap who is also an associate director of the firm's nationalmulti housing group, and Lawrence Usher, an investment specialistin the firm's Miami office, represented the buyer. The sellers werea locally based principal and a New York-based investment group,Wohl tells GlobeSt.com. Jean Louis Delbeke of South BeachInvestment Realty repped the sellers.

Among reasons the buyer acquired the hotel was its size. "Thebuyer wanted to have a presence in Miami Beach," Wohl says. "Thereare a lot of boutique hotels in Miami Beach with fewer rooms, butnot many in this size range."

The four-story hotel is walking distance to the beaches andclose to restaurants and shopping. Following a three-yearrenovation and addition, the hotel reopened in mid 2003. Theproperty includes retail space and a leased restaurant. "Thecommercial space that comes with the property was attractive to thebuyer," Wohl says.