Angelo & Banta close $24 million sale of Historic Miami Beach Hotel
FT. LAUDERDALE – The law firm of Angelo & Banta and its partners Tom Angelo and Gavin Banta closed the sale of the Ritz Plaza Hotel located at 1701 Collins Avenue on Miami Beach. The purchase price of the sale of the hotel was $24 million.
Angelo & Banta represented the seller, RPH Hotel Associates, LLC which was a joint venture between Starwood Hotels and Malvern Hotels of Florida.
The Ritz Plaza is now managed by San Francisco-based Kimpton Hotels Management. The hotel’s Web site indicates that it will be closed for renovation until 2006.