sagamore

April 14, 2016 Comments Off on FL Sagamore Hotel Sells for $63M Following Owner’s Death Views: 449 California News, Florida, National News, Southeast

FL Sagamore Hotel Sells for $63M Following Owner’s Death

The 93-room Sagamore Hotel at 1671 Collins Ave. in Miami Beach was sold to the InSite Group for $63 million. The sale took place close to one month after long-time owner Marty Taplin passed away.

Tapin had been in a legal battle with the hotel’s lenders over a $31 million loan. Though the hotel won approval for a Chapter 11 reorganization plan in bankruptcy court, the lenders still held Taplin liable for default interest, fees and costs.

According to media accounts, Taplin fell to his death from a Bal Harbor condo tower. Police are investigating it as a suicide.

Read More at South Florida Business Journal

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