The Setai Hotel in South Beach may soon have a new owner. That's according to The New York Post, which writes that luxury Miami hotel, which has been on the market for a few months, has narrowed the bidding process down to two final offers.
According to The Post, one of them is from the Suzer Group, a Turkish-based company with interests in real estate, banking, construction and oil and gas. Suzer is also the owner of the Ritz-Carlton Hotel in Istanbul.
The Post reports it has offered $88 million for the 80-room hotel, which comes out to about $1.1 million per room.
Suzer is reportedly working "with an as-yet unnamed New York-based developer and commercial landlord group with hospitality links," sources told The Post.
The Setai is comprised of two separate buildings. A 40-story oceanfront high-rise condo tower with 163 luxury units that is not part of the deal.
It's located at 2001 Collins Avenue.
The hotel has had former drama. Back in April 2012, Singapore-based management company General Hotel Management (GHM) was ejected as manager of the property by owner representatives who said they were taking over the property. .