The Best Western hotel in Miami Beach has traded hands for $50 million, CoStar reported. Hallandale Beach-based Man-Co USA picked up the 93-room, 66,528-square-foot building at 9365 Collins Avenue for about $538,000 per room. There were no brokers representing Man-Co or seller Island Associates in the deal.
Rooms in the hotel go for between $129 and $299 per night, but CoStar said the astronomical purchase price can be attributed to the value of adjacent land that’s primed for development. [CoStar]