Miami’s New World Symphony sold the Plymouth Hotel in South Beach for $18.25 million, far above Miami-Dade County’s assessed value of the property, to New York-based real estate investors, South Florida Business Journal reported.
Plymouth Hotel LLC, managed by Shawn Vardi, purchased an 87.5 percent stake in the building, while First Avenue 954 Realty, managed by Mark Shemel, picked up a 12.5 percent stake.
BankUnited provided a $15 million mortgage to the new owners to fund renovations of the Art Deco hotel, which has 16 units over 8,250 square feet, the Journal said.
The building was assessed by the county at only $1.3 million, the newspaper said. [South Florida Business Journal] –Emily Schmall