Pebb Capital and LeaseFlorida have sold the Hampton by Hilton at The Continental in Miami Beach, Florida for $43.90 million. The sale closed on June 15 to a privately held LLC. The JV renovated the historic structure in 2016 for $25 million.

This deal is a record for the Hampton flag, marking the second-highest price per key in the brand’s portfolio and is significant for the area, which is in the midst of an evolution to become a business epicenter, allowing for the long-term growth of local industries catering to the ever-expanding clientele.

The Continental Hotel was originally built in 1948. It was converted into a condominium after the hotel closed until the JV purchased it and converted it back to its historic use as a hotel. The renovation included restoring the exterior façade to bring back the charm of the original Continental Hotel. It was kept in the original MiMo style (Miami Modern) which was the architectural style post World War II era (1945 to mid-1960s) that originated in Miami and Miami Beach. The original reception desk and pool were also restored.