A historic boutique hotel in Miami Beach has been sold for over a million dollars per unit and will likely be turned into fee-simple housing. And surprisingly enough, the owners will not be targeting Miami’s rich and famous. The S. Florida Business Journal reports the eight-suite hotel’s new owners plan to turn the property into living space for teachers who will work at a soon-to-be-built charter school, nearby.
Collinaire Luxury Suites, located at 221 Collins Ave., was sold for $8.9 million. Each suite averages a little over 1,000 square feet each.
Built in 1922, The Collinaire is a historically protected building. A plaque has been affixed to the property with details on the boutique hotel’s early beginnings, which was built in a Mediterranean Art Deco style.