The property is composed of 3 story 97 Key Hotel with a gross square footage of 35,647 SF building sitting on a 22,000 SF Lot.
APEX Capital Realty announced the recent closing of the 97 Key hotel – Circa 39. APEX represented AMS Hospitality and Black Salmon, as the buyer’s broker in the acquisition of this site located at 3900 Collins Ave, Miami Beach Fl 33140. The property was owned by Thirtynine Collins LLC.
The property is composed of 3 story 97 Key Hotel with a gross square footage of 35,647 SF building sitting on a 22,000 SF Lot. The Property last traded in 2008 for 8.2M. Miguel Pinto, President/ Broker of APEX Capital Realty, represented the buyer in this transaction and Samuel Heskiel and Marilina Apfelbaum from Beachfront Realty’s Commercial Division represented the seller.
The hotel is located on Miami Beach’s most active tourist corridor and is in close proximity to the Faena District, the Fontainebleau Hotel, The Soho Beach House Hotel, The Confidante, and the Miami Beach Edition Hotel.
“During the initial phase of the pandemic there was a lot of pain in the hospitality industry as hotels were closed to customers. Miami, however, not only recovered faster than other markets but now enjoys some of the highest booking and occupancy rates in the country. This was primarily due to the fact that the state of Florida and Miami stayed open for business. In the Miami submarket there is still opportunity for investors to acquire hotels and revamp the F&B operations as there is a great demand from restaurants to activate and differentiate the hotels.” –Miguel Pinto, President / Managing Broker of APEX Capital Realty
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