At about $162,790 per unit, the new sales listing on the 86-room hotel pales in comparison to the $272,727 per unit, or $6 million, that is being asked for the 22-unit Casa Grande hotel at 834 Ocean Drive; or even the $433,333, or $6.5 million, being asked for the 15-unit Mare Grande hotel at 524 Ocean Drive.

There's no question asking prices are increasing appreciably, Miami-based hotel consultant Sheldon Greene tells GlobeSt.com. The relevant question is how long the owners can maintain their asking prices in light of the dramatic drop in air travel following the Sept. 11 national tragedy and increasing fears over a pending economic recession. It is all coming at the worst possible time, he says, just months before the start of the tourism season.

"Miami is a fly-in city--not a drive-in city," Greene says. "Because of the Sept. 11 tragedy, we are going to be more negatively impacted than probably any other city in the country. Some hotel owners are shaken severely right now psychologically. As soon as it hits their pocketbook, they're really going to be shook up."