South Beach Plaza Hotel
Update
02/22/23
The Keyes Company’s Tony Ulloa Closes $26.5 Million Hotel Sale In Miami Beach
The Keyes Company’s Tony Ulloa, Director of Private Investments, Keyes Commercial Sales and Leasing, closed the $26.5 million sale of the historic Beach Plaza Hotel on Miami’s famed South Beach. Ulloa represented both the buyer and seller in the all-cash deal for the 77-room hotel with active restaurant and bar licenses.
The sellers of the property 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, at the bottom of the recession. In July 2022, he listed the property for the group, and just four months later went under contract with Blue Suede Hospitality Group.
The transaction closed on Feb. 2, 2023.
“It is exciting to continue my successful history with this South Beach hotel with the latest sale of the property,” said Ulloa. “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.” Tony Ulloa and his team have sold over thirty hotels in Miami Beach and South Florida over the last twenty years, setting The Keyes Company as leaders in hotel sales in this market.
The buyer owns the adjacent 18-room hotel and has plans to create a unique hospitality concept with the combine properties creating a compound of 95 rooms across four buildings, nestled on a half-acre of land with prime corner frontage on Collins Avenue & 14th Street in the heart of South Beach.
The historic Beach Plaza Hotel is a boutique, art deco property built in 1936 And 1938. Hotel guests are half a block away from Ocean Drive, steps to the Lincoln Road Mall and the Miami Beach Convention, and close to the culinary landmarks South of Fifth Street (SOFI).
