South Beach hotel trades for $10M

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.

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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

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