MIAMI-Consultatio S.A., an Argentine development group, has acquired Key Biscayne’s Sonesta Beach Hotel property for $78 million, a deep discount from its 2005 value of $120 million. Consultatio and affiliate Key Biscayne Consultatio plan to demolish the 40-year-old hotel and build a 165-unit ultra-luxury condominium when the high-end housing market rebounds.
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