Back in 2005, when commercial real estate was booming, SBR-Fortune Associates bought the Sonesta Beach Hotel in Key Biscayne with plans to tear it down and build condos on the lush 10-acre beachfront parcel.
But when the economy sputtered, the condo market died on the vine, and the luxury hotel became vacant. SBR-Fortune, a partnership between Sonesta and Fortune International, started scouting around for a buyer for a property that sold for $120 million the last time around. In a distressed market, the resale went through at $78 million, or a loss of 35 percent.
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