According to The Real Deal, The Residence Inn by Marriott has been sold to a Miami Beach-based buyer for $31 million. The 2-acre property consists of 3 buildings (140 units) and will be turned into multi-family residences. In the short term, the buyers intend to continue to operate it as a hotel, though not as a Marriott. The hotel has already been removed from Marriott’s website.
The last commercial deal to make headlines in Coconut Grove was the sale of Monty’s Raw Bar for $14.7 million.