Holiday Inn in downtown Miami reportedly sold for $65 million

A Holiday Inn in downtown Miami sold Friday for $65 million and the developers behind the deal plan to tear down the 10-story hotel and build a 77-story mixed-use tower in its place, according to a news report.

The project, at 340 Biscayne Blvd., will include 400 condos, 240 hotel rooms, 270,000 square feet of retail and 246,000 square feet of office space, said Iris Escarra, an attorney at Greenberg Traurig who represents the developers, The Miami Herald reported.

The city of Miami s Urban Design Review Board has approved the plans for the nearly 3-acre site.