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Deutsche Finance JV purchases 2 hotels in Miami Beach, Fla.

A joint venture among SHVO, Bilgili Group and Deutsche Finance bought the 92-room Richmond Hotel and the 117-room South Seas Hotel in Miami Beach, Fla., for about $87.9 million and $52 million, respectively, the South Florida Business Journal reported.

Wallace Corp. sold the 51,590-square-foot Richmond Hotel at 1757 Collins Ave., while Synergetic Real Estate of Florida sold the 27,617-square-foot South Seas Hotel at 1751 Collins Ave.

Lotus Capital Partners brokered a $100 million loan from Acore Capital for the buyers in support of the transactions, according to the publication.