Miami Beach Playboy Hotel May Sell To Giant Developer!
Posted: April 7, 2022 | Source: commercialobserver.comA Miami Beach condo complex that was once the Playboy Plaza Hotel may be sold to Related Group for $500 million. The 1960’s-era building currently operates as the Castle Beach Club with 570 units, most of which are dated, less than 500 square feet, and used as short-term vacations. If the sale goes through, owners would collect about five times the value of their condos. Playboy fonder Hugh Hefner invested in the building in the 1970s. Related Group is one of Florida’s largest developers and has built dozens of Florida oceanfront condo buildings.