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.
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.