Kolter Hospitality and BH Group have recently acquired the Crystal Beach Suites Miami Oceanfront Hotel for $24 million. The 84-room hotel, located at 6985 Collins Ave. in Miami Beach, was previously a timeshare condo but has now been converted into a suite-style hotel with kitchens and living rooms featuring pull-out sofa beds.
The purchase price of $272,727 per room reflects the growing demand for hotels in South Florida. Kolter Hospitality has an impressive portfolio of 15 hotels throughout Florida that have undergone successful renovations under their ownership.
Similarly, BH Group is known for its diverse investments in various property types across South Florida including condos, apartments, retail spaces and mixed-use developments.
This recent acquisition marks another successful conversion from condo to hotel in South Florida within just two days. It is evident that this trend will continue as more investors recognize the potential profitability of such conversions.
