The Tony Hotel, a historic Art Deco property on Collins Avenue in South Beach, changed hands for $16.5 million in an off-market transaction completed in September 2026, with its new owners committing to a significant renovation while maintaining hotel operations throughout the process.

What did the Tony Hotel sell for and how was the deal structured?

The Tony Hotel sold for $16.5 million in a privately negotiated, off-market transaction in September 2026, meaning the property never appeared on the open brokerage market before the sale closed. Off-market deals of this kind are common in Miami Beach's tightly held hospitality sector, where long-established owners often prefer discretion and speed over competitive bidding processes.

  • Sale price: $16.5 million, closed off-market in September 2026
  • Location: Collins Avenue, South Beach, Miami Beach
  • Property type: Historic Art Deco hotel
  • Hotel operations will continue during the renovation period

What are the new owners planning for the Collins Avenue property?

The new ownership group plans a major renovation of the Tony Hotel while keeping the property operational, a strategy that allows the hotel to generate revenue during what can be a lengthy construction process. The scope and timeline of the renovation have not been publicly detailed, but the commitment signals that the buyers intend to reposition the asset rather than hold it as-is.

  • Renovation described as "significant" in scope
  • Hotel will remain open to guests during construction
  • No official timeline or budget for the renovation has been announced

What does this sale signal about Miami Beach's hospitality investment market?

The Tony Hotel transaction reflects sustained investor demand for historic Miami Beach hospitality assets in September 2026, even as the broader South Florida condominium market has shown signs of softening. The deal is one of several South Beach hotel trades reported during the same month, suggesting that well-located, Art Deco-era properties continue to attract capital from buyers who see long-term value in Miami Beach's tourism-driven economy.

  • South Beach hospitality trades remain active while the condo market softens
  • Art Deco properties on Collins Avenue are among the most sought-after hotel assets in Florida
  • Multiple South Beach hotel transactions were reported in September 2026

Original reporting on this transaction was first published by PROFILEmiami.