Kolter pays $26M for condemned Miami Beach hotel as redevelopment play

Kolter Group bought a condemned waterfront hotel in Miami Beach for $26 million as part of a residential redevelopment play with an adjacent property.  An affiliate of Delray Beach-based Kolter, led by Bobby Julien, acquired the 90-year-old Normandy Plaza Hotel at 6979 Collins Avenue, records and real estate database Vizzda show.  Wells Fargo provided a $41 million mortgage that is also secured by the Crystal Beach Suites Miami Oceanfront Resort at 6985 Collins Avenue. Kolter and Aventura-based BH Group, led by Isaac and Liat Toledano, bought the 84-room Crystal Beach in 2023 for $24 million.  Vilarino Property Group, managed by […]This article originally appeared on The Real Deal. Click here to read the full story.