Royal Palm Hotel auctioned for $126M

Miami Beach Hotel - Miami Foreclosure

The Royal Palm, a Miami Beach hotel located at 1545 Collins Avenue, was bought for $126.1 million by Sunstone Hotel Investors at a Miami foreclosure auction on Monday. The company, based in California, now owns 31 hotels with 11,722 rooms, including the 409 rooms at the Royal Palm. The Royal Palm was the first Miami Beach hotel to be owned by an African American almost 20 years ago. Developer Guy Mitchell lost it now to Miami foreclosure.

Full Article...Royal Palm Hotel auctioned for $126M

Miami Homes for Sale, South Beach Real Estate

Foreign investors dominate in South Florida real estate purchases

Developer Joe Milton just put up millions of his company's cash to set up a mortgage company to fund loans and help his clients to close on units at the St. Tropez condominium in Sunny Isles Beach.

One of the reasons as well as a key factor in the recent rise in Miami and Miami Beach real estate is because foreign buyers are frequently locked out of the market if they aren’t cash buyers.

Milton is the president and chief executive of J. Milton & Associates in Coral Gables and says 60% of their buyers are foreign and up till now there are no loans being made to foreign nationals.

Full article..Miami Homes for Sale, South Beach Real Estate