Aloft South Beach Sells for $105 Million, Now The Gates Hotel

JMH Development has sold Aloft South Beach to Rockpoint Group for $105 million as of last week. The deal was reported to be for $446,809 per key for the 235-room hotel which will now operate as The Gates Hotel South Beach. JMH Development acquired the property in 2004 for $12.5 million and converted it into a hotel in 2011 with Lightstone Group. It opened as an Aloft Hotel in 2015 and is located at 2630 Collins Ave. on Miami Beach directly across from One Hotel and features Continental Miami, a Stephen Starr American Fusion Restaurant.