April 14, 2016
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.