Audio By Carbonatix
The hotel component of the Four Seasons Millennium Tower has been sold to a New York investment group for just $29.5 million according to Condo Vultures. The hotel had been previously valued at $85.5 million according to tax records. That’s a pretty steep discount.
Located inside the 70-story Four Seasons Millennium Tower in the Brickell area of Downtown Miami, the hotel was sold by FSM Hotel LLC to Westbrook Partners.The tower’s condo units, office and retail spaces and spa were not included in the deal.
The tower is not only the tallest building in the city at 789 feet, but in the entire state of Florida. The hotel occupies floors 8 to 40, and has 221 rooms. That works out to about $133,500 a room, or like paying $366 a night per unit over a year. Seems when Brickell bounces back it could be a very sweet investment.
