Collins Capital Holdings has recently acquired individual units of the Prince Michael Condominium in Miami Beach, with plans to convert them into a hotel. The condo association has approved this plan and the 88-unit building was sold for $27 million to TA Hotel Management Group.
According to reports from the S. Florida Business Journal, Western Alliance Bank provided a mortgage of $35.25 million for the buyer, which will also fund renovations including room alterations and adding a new roof and pool.
Originally built in 1951, this transformation is expected to capitalize on Miami Beach’s booming hotel market where average daily rates have increased by almost 30% year over year. This move reflects Collins Capital Holding’s strategic investment approach in response to current market trends.
