Miami Beach Best Western

The volume of hotel transactions in Miami last year increased by 154 percent in 2011 compared to 2010, according to a report from Jones Lang LaSalle Hotels, the Miami Herald reported. “High demand levels and significant rate premiums will enable the city to maintain a strong hotel performance over the medium term, piquing investor interest,” said Gregory Rumpel, JLL Hotels’ Miami managing director. There were a total of $557 million of hotel sales in Miami last year, a number projected to rise to $650 million this year. Most recently, Man-Co paid $50 million for the Miami Beach Best Western in April. [Miami Herald]

Alton Pointe

The Alton Pointe apartment complex in Miami Beach has sold for $20.44 million, the South Florida Business Journal reported. The property, which had been purchased by Ram Real Estate at a bankruptcy auction in 2009, is located at 1950 Michigan Avenue. The buyer was a limited liability company called Alton Pointe, which is based in Miami Beach. [more]

The rate of foreclosures among outstanding mortgage loans in the Miami-Miami-Beach metropolitan area was 17.57 percent in February, a drop of 1.56 percentage points compared to the same period in 2011, according to data from CoreLogic. The rate remains significantly higher than the national foreclosure rate of 3.41 percent. The mortgage delinquency rate also decreased in the Miami metro area, with 24.92 percent of mortgage loans being 90 days or more delinquent, compared to 27.07 percent for the same period last year. — Alexander Britell

5130 North Bay Road and Ricky Martin

Singer Ricky Martin has sold his Miami Beach home for $10.6 million to an undisclosed buyer, the Miami Herald reported.The property, which is located at 5130 North Bay Road, has 10,000 square feet. North Bay Road is the home to many Miami celebrities, including two members of the Miami Heat: Dwyane Wade and Chris Bosh. Martin previously sold another Miami-area property in Golden Beach for $6.3 million last year. [Miami Herald]

29 Star Island

Footwear mogul Donald J. Pliner and his wife Lisa have closed on the sale of their home at 29 Star Island Drive for $14.33 million to a Miami-based buyer, The Real Deal has learned. The 10,160-square-foot home has eight bedrooms and nine bathrooms, along with a rooftop terrace. [more]

Miami Beach Convention Center

More than 19,000 homeowners could get help with their mortgages this week at an expo in Miami Beach put on by Bank of America, the South Florida Business Journal reported. The bank, which has approximately 1 million mortgages in Florida, booked 140 rooms at the Miami Beach Convention Center for the event, which will take place from Thursday to Saturday. [more]

2 Indian Creek Drive

A South American buyer has paid $14.5 million for a vacant lot at 2 Indian Creek Drive on Miami Beach’s Indian Creek Island, The Real Deal has learned. The property, which was listed for $16.9 million, was sold by an Indian Creek Property Investments, a Florida limited liability company based in Miami. [more]

Red, The Steakhouse

Following the expansion of high-profile South Beach eatery Philippe to downtown Boca Raton, Miami Beach’s Red, The Steakhouse is opening tomorrow in the city, Eater reported. “New steakhouses and restaurants pop up almost every day in South Florida,” said Jonathan Gross, COO and partner of Red. Opening on Thursday will be a sister restaurant, Rosso Italia, an Italian restaurant from the same group. Red first opened in South Beach four years ago. [Eater]

South Beach’s China Grill eatery will be moving to Brickell, the Miami Herald reported. The restaurant, which has been in Miami Beach since 1995, will shutter on April 28 in advance of the departure. The new 15,000-square-foot space will be located at 801 Brickell Avenue and is slated to open later in 2012, either the fall or early winter. [more]

Continuum North Tower

CSI Management has been hired as the new property manager at the North Tower of the Continuum condominium tower in South Beach. It is the fourth South Beach property the company has added to its portfolio in the last year, along with the Murano Portofino, the Courts and the Bentley Bay. The Continuum North Tower, which opened in 2006, has 203 condo units. — Alexander Britell