The One Bal Harbour hotel in Miami has been sold to Lionstone Development. The South Florida Business Journal reports that the common area property plus 51 units of the hotel at 10295 Collins Avenue were sold for $13.4 million to the condominium association at a bankruptcy auction.
Ritz-Carlton will reportedly manage the hotel going forward.
The condo hotel has been tied up by litigation since developer WCI Communities filed Chapter 11 in 2008.
The hotel has 185 private residences and 124 hotel condo units. The owner of the common area controls the hotel’s management.
The seller was represented by Steven Carlyle Cronig, a partner in the Coral Gables office of Hinshaw & Culbertson.
Headed by Alfredo Lowenstein and Diego Lowenstein, Lionstone Development also owns the Ritz-Carlton South Beach, the Epic Hotel & Residences in Miami and other hotels.