Argentinian Investors buy South Beach Hotel

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An investment group from Argentina operating under the name 418 Meridian LLC has purchased the former Plaza Hotel on South Beach for $5.5 million.

The seller was LeaseFlorida, which acquired the 20,809-square-foot property in 2012 after foreclosing on a $3 million mortgage, plus interest and fees. It has since made the building structurally sound and cleared up code violations, according to the South Florida Business Journal. 

The property includes a three-story, 60-room hotel and a one-story apartment building. The foreign investors obtained a $2.78 million mortgage maturing January 18 from Meridian Lender LLC. They plan to renovate and reopen the hotel, which has been closed for several years, the Business Journal reported.