WRE News: The Beacon South Beach on Ocean Drive Acquired for $23.5 Million

Photography by on July 7th, 2023 in News

Miami Beach, FL – July 7, 2023 – Nakash Partners, a prominent real estate investment firm, recently announced its acquisition of the iconic Beacon Miami on Ocean Drive.

The 80-room, five-story hotel on 720 Ocean Drive was acquired for $23.5 million with the aim to leverage the hotel’s historical charm and prime location to cater to the growing demand from tourists and discerning travelers seeking a unique Miami Beach experience.

Built in 1937, the Beacon South Beach Hotel sits on a 0.2-acre lot across from Lummus Park and the ocean and includes a ground-floor restaurant called The Place Restaurant & Bar. The buyers will keep the hotel open as they make upgrades to the property.