M1 Hospitality Group Ends Year with a $14.7 million Hotel Sale

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. December 15, 2010

MIAMI, FL - December 14, 2010 - M1 Hospitality Group, a division of Metro 1 Properties, announces the $14.7 million sale of the famous Peter Miller Hotel located at 1900 Collins, Miller Apartments located at 229 19th Street and Peter Miller Apartments located at 1915 Liberty Avenue. All 3 buildings are located in the Historic District of Miami Beach, FL

All 3 buildings were designed by architect Russell Pancoast between 1934 and 1936. The 24,463 sq ft Peter Miller Hotel consists of 62 rooms, 3 floors, retail space on the ground floor, a small restaurant in the lobby with additional terrace seating and sits on an 11,433 sq ft of land. The hotel has takes up the entire city block between 19th Street to 20th Street on Collins Avenue. The 7,656 sq ft building known as “Miller Apartments” sits on a 12,200 sq ft lot and is a 2-story, 12-unit building broken up into 2 buildings. The 6,030 sq ft building known as “Peter Miller Apartments” sits on a 6,850 sq ft lot and is a 2 story, 10-12 unit building.

The 3 properties of Peter Miller have the distinction of being among about 300 Miami Beach buildings that were leased by the US Army- Air Forces Technical Training Command for military use during World War II. The two apartment buildings returned to civilian use on Feb. 4m 1943' the Peter Miller Hotel remained a military property until May 30, 1944.

"This sale represents the hard work and collaborative efforts of the M1 Hospitality Team and demonstrates the increasing demand specifically from foreign investors for hospitality related product in South Florida “states Tony Cho, President of Metro 1 Properties, a sustainable real estate brokerage and investment firm based in Wynwood, which focuses on urban real estate and sustainable development. M1 Hospitality Group represented both the buyer and the seller on this deal.

Miami- based Kabo Realty Corp., the owners of the Peter Miller Hotel, brought the hotel deal to Metro 1 Properties as an off market opportunity and Metro 1 used their vast network and resources to source the buyer, which was Lennox Miami Corp, a South American real estate and hotel group from Argentina. Metro 1 worked on this for 5 months on the negotiations, zoning, due diligence and feasibility studies.

The 3 adjacent buildings, which were also designed by Russell Pancoast in 1936, are considered “contributing” buildings in the Historic District and can not be demolished. Future plans may include adding more rooms, a pool and spa facility to the project.

M1 Hospitality Group is South Florida's premier hospitality brokerage and consultancy group specializing in the sales, management, leasing and consulting for hospitality, resort and leisure properties and ventures.

Based in Miami, Metro 1 Properties Inc. is a full service real estate brokerage firm dedicated to providing a superior level of advisory and transaction services for clients conducting business throughout the world. For more information on Metro 1 Properties please visit www.metro1properties.com or call our office at: 305.571.9991.