Miami Beach hotel up for sale

US: The Red South Beach Hotel is for sale with a guide price of US $41.5 million.

The asking price for the 110-room, seven-storey hotel at 3010 Collins Avenue equates to $377,273 per key.

The Red hotel was built in the 1930s and includes a pool, restaurant and bar and fitness room. It is owned by an LLC led by Simon Nemni and Georges Tordjman

Listing broker Susan Gale of One Sotheby's International Realty said: "There are only a limited number of boutique hotels not on the ocean that have this many rooms. Most are 40 or 50 rooms. There are certain operators that in order to more than break even or turn a profit, they want at least 100 rooms."

The hotel last sold in 2009 for $9 million.