Argentina Developer Pays $78M for Former Sonesta Beach Resort Site in Key Biscayne, FL
In one the priciest land deals seen in Florida in years, an affiliate of Buenos Aires-based Consultatio, S.A. paid $78 million or $1,738 per square foot for a 10.3-acre oceanfront site that previously housed the 300-room, eight-story Sonesta Beach Resort in Key Biscayne, FL.
The price equates to about $7.5 million per acre.
The sellers were SBR-Fortune Associates LLLP (“SBR”), a 50/50 partnership comprised of affiliates of Sonesta International Hotels Corp. of Boston and Miami-based Fortune International Realty, headed by Edgardo de Fortuna.
The property in the transaction is not the similarly named 390-room Trump International Sonesta Beach Resort which is located at 18001 Collins Ave., Sunny Isles Beach, FL, just north of Miami Beach.