Hyde Midtown's hotel business sold for $30 million

Hyde Midtown Miami

The hotel side of the Hyde Midtown in Miami was sold for $30 million, or $500,000 a room.

The 60-room hotel, which is part of Related and Dezer Development’s Hyde Midtown, includes 410 condominium residences. The property's 31-story mixed-use tower began construction September 2015 and is expected to be completed in 2017.

The property's developer secured $114.7 million in financing for the project, which has already sold more than 70 percent of its units, according to The Real Deal.

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