MIAMI—Africa-Israel USA (AFI-USA) has sold the hotel portion of the Marquis Residences located for $37.5 million to CGI Merchant Group, a Miami-based investment and asset management group. The asset is located at 1100 Biscayne Boulevard in Miami.

CGI acquired the lower 15 floors of the Marquis tower, which includes the building's 5,700-square-foot retail space, parking garage, and 14 townhomes. The buy also includes Casa Moderna, a boutique, 56-unit hotel, as well as the associated spa, and Amuse Restaurant & Lounge.

“CGI is a visionary real estate owner who will expertly upgrade the hotel and its affiliated offerings,” says Damien M. Stein, AFI's COO. “AFI-USA and CGI worked tirelessly to bring this transaction to fruition. The Marquis Residences is the jewel on the Miami skyline and we are confident that the re-envisioned hotel will become the 'go-to' destination for Miami-area travelers and locals alike, and will only serve to enhance the condominium's desirability.”