Dream South Beach changes hands in expensive deal

Dream South Beach
Dream South Beach

The Dream South Beach hotel across from the former Versace Mansion on Collins Avenue traded for $70 million, The Real Deal has learned.

TBS Realty of New York sold the 108-room hotel at 1111 Collins Avenue in a transaction recorded on Tuesday, according to Miami-Dade County records. The company paid $21.5 million for the property in November 2006. Rabinder Pal Singh signed the deed as TBS’ vice president.

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SB Hospitality is the buyer. The company listed the New York address of law firm Warshaw Burstein as its mailing address. It received a $40 million loan from Beech Tree Capital for the acquisition.

Originally constructed in 1939, the art deco-inspired hotel includes the Naked Taco restaurant and a rooftop lounge that can accommodate 275 guests, according to the hotel’s website.