Real Estate News

Holiday Inn in downtown Miami sells for $65 million

A rendering of the 77-story tower planned for downtown Miami
A rendering of the 77-story tower planned for downtown Miami Arquitectonica

A Holiday Inn in downtown Miami sold Friday for $65 million — and the developers behind the deal plan to tear down the 10-story hotel and build a 77-story mixed-use tower in its place.

The project, at 340 Biscayne Blvd., will include 400 condos, 240 hotel rooms, 270,000 square feet of retail and 246,000 square feet of office space, said Iris Escarra, an attorney at Greenberg Traurig who represents the developers. The city of Miami’s Urban Design Review Board has approved the plans for the nearly 3-acre site.

At 953 feet, the ITC Miami would be one of the tallest towers in South Florida. The Federal Aviation Administration has already approved its proposed height.

The buyer is Brazilian developer Gilberto Bomeny. Sunny Isles Beach developer Louis Montello is also listed on corporate documents filed by one of the companies that submitted plans to the city but is not involved in the deal.

Larry Stockton and Jeff Resnick of Colliers International South Florida brokered the transaction.

This story has been updated to reflect the latest name of the 77-story tower planned for downtown Miami.

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