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A charming and historic boutique hotel in Miami Beach has recently been sold for a record-breaking price of over one million dollars per unit. The new owners have announced their plans to transform the property into fee-simple housing, catering specifically to teachers who will be working at a nearby charter school.

The Collinaire Luxury Suites, situated at 221 Collins Ave., was purchased for an impressive $8.9 million. Each of the eight suites boasts an average size of just over 1,000 square feet.

Originally built in 1922, this stunning building is considered a protected historical site and features Mediterranean Art Deco architecture. A plaque commemorating its early beginnings has been proudly displayed on the property.

This landmark hotel’s transformation into homes marks an exciting new chapter in its century-long history.