DLA Piper represented Marina Park Inn, LLC, the seller of a downtown Miami hotel priced at US$65 million. The 200-room hotel was built in 1950 and last traded for US$6.8 million in June 1996. The sale was structured as a sale-leaseback, such that the hotel will continue to operate as a Holiday Inn under the management of Sound Hospitality Management LLC, which is linked by corporate records to the seller.  

Developer Gilberto Bomeny plans to build a 77-story World Trade Center of the Americas on the site located across the street from Bayfront Park. The deed recorded November 30 shows the site measures 40,350 square feet. In November 2014, developer Property Markets Group paid US$80 million for an adjoining site measuring 88,791 square feet.

Marketers say the hotel, one of the top performing Holiday Inn properties in the US, provides the opportunity to continue the profitable hotel and time development with a strong real estate market.

The DLA Piper team representing Marina Park Inn included partner Michael Silva and associates Greg Weigand and Ryan Girnun. The Rome-based law firm of Montone & Partners represented the seller’s majority shareholder and were actively involved in the negotiations with the buyer. The deal was brokered by Colliers International South Florida senior vice president Larry Stockton and senior associate Jeff Resnick.