The historic Beach Plaza Hotel in South Beach was recently sold for $26.5 million. The Keyes Company’s Tony Ulloa, Director of Private Investments, Keyes Commercial Sales and Leasing, brokered the sale of the 77-room hotel with active restaurant and bar licenses. The boutique art deco property was built in 1936.
The property sellers at 1401-1411 Collins Avenue were several investment entities based in Kentucky and New York. The buyer is New York-based Blue Suede Hospitality Group, operating as 1401 Collins Ave. LLC. Ulloa originally sold the Beach Plaza Hotel property to the Kentucky group in 2009. In July 2022, Ulloa listed the group’s property and, four months later, went under contract with Blue Suede Hospitality Group. Ulloa and his team have sold over 30 hotels in Miami Beach and South Florida over the last 20 years.
“It is exciting to continue my successful history with this South Beach hotel with the latest sale of the property,” Ulloa says. “This transaction was possible because of the long-term relationship with the seller, over 20 years’ experience in the South Beach Hospitality market, and full-service brokerage capabilities that set us apart as a firm.”
The buyer owns the adjacent 18-room hotel and plans to create a unique hospitality concept with the combined properties, creating a compound of 95 rooms across four buildings on a half-acre land with frontage on Collins Avenue and 14th Street in South Beach.