Vincenzo Odoguardi, president of the Mirage Group, a construction company based in the Dominican Republic,  just paid $5.15 million for an Italian boutique hotel in South Beach. In 2016, Odoguardi was the Honorary Consulate of Italy in La Romana, Dominican Republic.

Villa Italia at 354 Washington Avenue in Miami Beach spans about 6,566 square feet and comes with 13 units. Rates can rang from $140 to $260 a night, according to Expedia. Esprit Sobe LLC, led by Paul Benichou, sold the hotel for about $783 per square foot. Records show Benichou purchased the hotel for $3.8 million, or $578 per square foot, in 2015.