July 16–The Royal Polo hotel in Miami Beach has sold to Baywood Hotels for $12.5 million.
Closed for years, the hotel is in “shell” condition but has been approved for 96 rooms, a restaurant and lounge. Seller Jonathan Plutzik, who also owns The Betsy hotel, bought the property in 2005 for $6.5 million.
Brokerage firm Jones Lang LaSalle’s Hotels & Hospitality Group arranged the sale to Baywood, a privately owned hotel management company with five other hotels in South Florida, including a Holiday Inn and Hampton Inn. The sale closed earlier this month.
At 2940 Collins Ave., the Royal Polo is across the street from the Miami Beach Edition, set to open in early 2014, and a few blocks away from the site of the future Faena Saxony Hotel.
