The South Beach Plaza Hotel and the neighboring South Beach Plaza Villas, only a block from famous Ocean Drive, sold for $26.5 million.
Kentucky Zinc LLC, Zaynab Investments, NC Capital LLC and ABH Corp. of New York, respectively managed by Fahr Juneja, Abdul Buridi, Naveed Chowan, and Arif Butt, were the sellers. The 79 hotel rooms at 1401 and 1411 Collins Ave. were purchased by 1401 Collins Avenue LLC, managed by Kenneth Lipschutz, the head of Stamford, Connecticut-based Blue Suede Hospitality Group. Property data firm Vizzda confirmed the buyer and seller information.
The price equated to $335,443 per room.
The hotels last traded for $12.25 million in 2009, more than doubling in value.
Built between 1934 and 1936, the hotels total 32,330 square feet. They’re situated on a 21,000-square-foot lot not far from the beach.