U.S.-based hotel development and management company 3H Group has acquired a site in Brickell, Miami.
3H Group paid about $10.3 million for the site at approximately $200 per square foot, which the company plans to use as a new hotel development site.
The site, totaling four properties and covering roughly 30,000 square feet, was divested by U.S. hotel development and management company Hotelex Properties.
In 2014, Hotelex Properties paid $6.05 million for the assemblage site, initially planned to build a 206-room Residence Inn by Marriott.