Marriott Buys US Beach Hotel Site for $57.5m

21st July 2010 (Last Updated July 21st, 2010 18:30)

Marriott International has acquired the former Seville Beach Hotel site in Miami, Florida, US, for $57.5m from ownership group Beach Ventures. The venture is a partnership between affiliates of Fortune International and Lionstone Group. A Marriott affiliate bought the 4.5 ac

Marriott International has acquired the former Seville Beach Hotel site in Miami, Florida, US, for $57.5m from ownership group Beach Ventures.

The venture is a partnership between affiliates of Fortune International and Lionstone Group.

A Marriott affiliate bought the 4.5 acre site while Fortune and Lionstone were retained by Marriott as consultants for the new project.

The site could be developed as a residential or hotel project, according to citybizlist.com.