The Real Deal Miami

Peter Miller properties sells for $14.7M

December 14, 2010 12:45PM

The Peter Miller Hotel, the Miller Apartments and Peter Miller Apartments have been sold by M1 Hospitality Group, a division of Metro 1 Properties, for $14.7 million. The three buildings were designed by architect Russell Pancoast and are located in the Historic District of Miami Beach. M1 Hospitality represented both the buyer and the seller in the deal. The 24,463-square-foot Peter Miller Hotel, at 1900 Collins Avenue, has 62 rooms, three floors, retail space on the ground floor and a small restaurant in the lobby. The 7,656-square-foot property known as Miller Apartments, at 229 19th Street, is a two-story, 12-unit building. The Peter Miller Apartments, at 1915 Liberty Avenue, sits on a 6,850 square foot lot and is a two-story, 10 to 12-unit building. “This sale represents the hard work and collaborative efforts of the M1 Hospitality Team and demonstrates the increasing demand specifically from foreign investors for hospitality related product in South Florida,” said Tony Cho, president of Metro 1 Properties, based in Wynwood. TRD