MIAMI-The Continental South Beach Hotel in Miami Beach has sold for $61 million. Jones Lang LaSalle Hotels represented the seller, RFR Holding. InSite Group beat out several other investors for the coveted site.

The Continental South Beach boasts a premier ocean front address in SoBe 10 (the new moniker for 15th through 24th Street, also known as the “golden mile” of South Beach). Located at the corner of 18th and Collins, the eight-story hotel has 251 rooms.

“The SoBe 10 is taking on a life of its own right now,” says Gregory Rumpel, an executive vice president for Jones Lang LaSalle Hotels. “This is where the action is—and the Continental South Beach Hotel is right in the middle of it. People are waking up to the fact that this 10-block strip is a very good long-term investment.”