MIAMI BEACH, FL— With advisory services provided by McLean, VA-based Molinaro Koger, RPH Hotel Associates LLC— a joint venture of Starwood Hotels & Resorts Worldwide and several private investors— sold the 132-room Ritz Plaza Hotel here to an investment group led by Makar Properties LLC for just under $30 million. The historic beachfront property is located in the heart of Miami’s South Beach district, adjacent to Ian Schrager’s Delano Hotel and the recently opened Ritz Carlton Hotel. It was reported the new owners have proposed a significant renovation and expansion to the existing 12-story tower. Additionally, Kimpton Hotel and Restaurant Group is slated to provide brand and management to the renovated hotel, reportedly making this facility the first Florida project for that organization.
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