Oct. 08, 2011--The Traymore Hotel, a shuttered Art Deco building in Miami Beach, is up for sale following foreclosure proceedings.

SteepRock Capital is now seeking to sell the building, which was under renovation to become a luxury hotel when the economy tanked. The real estate investment firm acquired a defaulted $25 million loan on the hotel in December, according to SteepRock's website.

Jones Lang LaSalle Hotels is marketing the property, located at 2445 Collins Ave.

Executive vice president Gregory Rumpel said he expects the hotel to go fast.

"Everyone in Miami has been wanting this hotel to come to market," he said.

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