The Tropics Hotel on Miami Beach has recently changed ownership. The hotel was sold in a transaction that closed at $20 million. The hotel boasts 70 rooms, making it a sizable property in the area. The seller is Atlantic Management Inc., while the buyer is Bay Area Lodging LLC.
“The Tropics Hotel stands as a true trophy asset and is one of the most photographed Art Deco hotels in Miami Beach,” Gale says. “This transaction was truly exceptional as it involved a two-part deal where I successfully arranged both the sale and simultaneously orchestrated a multi-million-dollar master lease. It serves as a testament to the health of the hospitality market and the undeniable allure that Miami Beach’s prime properties hold.”
The three-story Art Deco-style hotel was built in 1941 in the heart of the South Beach Art Deco district. Property details include:
- A swimming pool
- The hotel sits on over half an acre of land, conveniently located steps from Lincoln Road and Ocean Drive.
- Large lobby and lounge area with elevator, communal kitchen and laundry
- Building: 26,264 square feet | Land: 22,200 square feet