Properties with short-term rental friendly zoning a plus, brokers say
Two prominent buyers acquired boutique hotels in South Beach in separate deals as demand for such properties continues to rise.
In the most recent purchases, a company linked to the “vulture” hedge fund Alden Global Capital paid $6 million for the 17-suite Villa Paradiso at 1415 Collins Avenue, property records show. Miami Real Estate Investment Corp., led by Lisa and Pascal Nicolle, sold the hotel.
Susan Gale of One Sotheby’s International Realty represented the buyer and seller. Gale, who declined to comment on the buyer, said the property’s zoning was very desirable. The two-story building, constructed in 1935, is in a mixed-use entertainment (MXE) district in Miami Beach, where short-term rentals are allowed.