JMH Development just sold the Aloft South Beach for $105 million ($446,809 a key) to Rockpoint Group, according to a spokesperson.
The largest Aloft property in the world, the 235-room hotel also has a new name: the Gates Hotel South Beach, per the Miami Herald.
Located at 2360 Collins Avenue, the property was acquired in 2004 for $12.5 million with the plan originally for boutique condos. In 2011, JMH partnered with Lightstone Group President Mitchell Hochberg and converted it into a hotel, which expanded and reopened as an Aloft last summer.