The Real Deal Miami

Seville Hotel South Beach sells for $57.5 million

July 14, 2010 09:45AM

Seville Hotel South Beach

The Seville Hotel South Beach has been sold to an affiliate of Courtyard
by Marriott for $57.5 million in a short sale allowed by lender First
Bank Puerto Rico, which has dismissed the $67 million foreclosure
lawsuit. The
shuttered 12-story hotel is located at 2901 Collins Avenue and sits on 3
acres. It was purchased in 2005 for $25 million by 2901 Beach Ventures,
a partnership with Fortune International and Lionstone. The hotel was
intended to be redeveloped into a residential property managed by
Ritz-Carlton but no major work has taken place. [SFBJ]