The sale price of the hotel and surrounding area was $18 million. The sellers were Tropero NV and Premium Investment Properties Inc., controlled by a Spanish family.
The hotel, built in 1925, is located Downtown at 244 N. Biscayne Blvd.
"At this point, our plan is to demolish the hotel at the site and to build a commercial building that will incorporate two high-rise towers," Torres says.
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