New World Symphony sells South Beach’sPlymouth Hotel for $18M

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The New World Symphony has sold the Plymouth Hotel in South Beach for $18.25 million, reports South Florida Business Journal.

The new owners are Plymouth Hotel LLC with an 87.5 percent interest and First Avenue 954 Realty with a 12.5 percent interest. Both companies are based in New York.

Miami Lakes-based BankUnited provided a $15 million mortgage to the buyers to fund renovations to the hotel at 318 and 336 21st Street. Built in 1926, the hotel has 95 units in about 40,000 square feet in both buildings.

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