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South Florida

Claro Development affiliate buys Days Inn for $29M

Miami Beach Days Inn
Miami Beach Days Inn

A seven-story, 93-room hotel on the northern end of Miami Beach was sold for $29.25 million, according to a published report.

The Days Inn & Suites, which sits on a 15,000-square-foot lot, was purchased by 7450 Ocean Terrace LLC, an affiliate of Miami-based Claro Development.

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Hotels repositioned by Claro Development include Faena Hotel & Residences at the Saxony Hotel and the Thompson Miami Beach, the South Florida Business Journal reported.

The Days Inn & Suites, encompassing 50,369 square feet and includes a pool and a bar, was built in 1940.

The property, across the street from the beach, was last sold for $4.05 million in 1997. [South Florida Business Journal] — William J. Gorta