“This was a win-win for both the seller and the buyer,” says Reudelhuber. “This is a magnificent iconic property in one of South Florida's most desirable destinations and we're confident the hotel's new owners will be able to unlock its full potential.”

Is now the time to sell? Check out my recent column.

MIAMI—The former Viceroy Miami, a full service luxury hotel in Miami, has traded hands. The sale price: $64.5 million.

Hodges Ward Elliott, a hotel brokerage and investment-banking firm, represented the seller, Pebblebrook Hotel Trust. The hotel is now part of Starwood Hotels & Resorts' brand. Hodges president Mark Elliott and managing director Rudy Reudelhuber led the charge.

“Miami continues to be a top destination for domestic and international investment,” Rudy Reudelhuber, managing director with Hodges Ward Elliott, tells GlobeSt.com. “This city has such a wide variety of demand generators: sun and surf, cuisine, art, nightlife, sports, business and a cosmopolitan culture.”

The hotel was sold to an off-shore buyer. Located in Downtown Miami at the northern gateway to Brickell Avenue, the property is a luxury hotel centrally located near the city's many distinctive neighborhoods, cultural institutions, sporting venues and area attractions. The resort includes 148 guestrooms, suites and one- and two-bedroom residences.

“This was a win-win for both the seller and the buyer,” says Reudelhuber. “This is a magnificent iconic property in one of South Florida's most desirable destinations and we're confident the hotel's new owners will be able to unlock its full potential.”

Is now the time to sell? Check out my recent column.