$55.4 million sale of the venerable Doral Ocean Beach Hotel & Resort on Miami Beach between then current owner (a combination of 2 European Industrialist families) and a publicly traded hotel operating and ownership company, representing both sides of the transaction. Transaction was the first of its kind in Miami Beach’s resurgence, marking the initial entry of a first-tier hotel operating company’s acquisition of a landmark name in the hospitality industry. The conclusion of the Doral transaction precipitated a frenzied buying spree of oceanfront properties, which continues to expand dramatically today.