The Real Deal Miami

South Beach hotel trades for $10M

New York firm acquires Princess Ann on Collins Avenue, gets $5M loan
July 07, 2014 12:00PM

Princess Ann Hotel

Princess Ann Hotel

The Princess Ann Hotel in South Beach changed hands for $10 million.

DHB Collins Hospitality of New York acquired the 45-room hotel at 920 Collins Avenue in a transaction recorded on Thursday, according to Miami-Dade County records. Two Coral Gables-based companies sold the property for DHB. They paid $5 million for the hotel in March 2006.

Antonio Bacallao and Manuel Fernandez signed the deed as managing members of the selling companies.

DHB received a $5 million mortgage from Mercantil Commercebank for the purchase. Jack Avid signed the loan document as DHB’s managing member.

The hotel was originally constructed in 1934. — Eric Kalis