By: Ismael Rodriguez
A London-based investment firm acquired the former Atlantic Princess Condominium in Miami Beach for $19.6 million, with the intent of transforming it into a Generator hostel.
The building, which sits at 3120 Collins Avenue, is part of Queensgate’s $494 million purchase of a 14-site hostel franchise by Generator that includes London, Paris, Barcelona, Madrid, Venice and Miami, according to a report by IPE Real Estate.
The Miami property was sold to Queensgate by London-based Patron Capital Ltd. And Atlanta-based Invesco earlier this month, according to Real Capital Analytics. Patron bought Generator in 2007, and went into business with Invesco in 2014, selling a minority stake in Generator, according to IPE.
Patron and Invesco acquired the condo’s 101 units in 2015, with the intent to bring Miami the first Generator hostel, making it the first for the brand in the U.S. Each of the units were purchased separately for $200,000 at the time.
On Generator’s website, the Miami hostel has yet to have an opening date.