Playboy Contracts to Buy Miami Beach's Freehand for $12.5M

Why it matters

An operating brand, not a hotel investor, is paying hotel-site money for a club and a local anchor. PLBY’s quarterly filing with the SEC lists a subsequent event dated Nov. 2, 2026 involving a Freehand Indian Creek LLC property, which is the record we read.

Bisnow reports the club will be developed and operated with Think Hospitality and Infinity Collective. Playboy CEO Ben Kohn called it “a foundational piece of our hospitality strategy.”

The company said in August 2025 that it would move its headquarters from Los Angeles to a 20,000-square-foot office on Michigan Avenue in Miami Beach, in the building owned by Robert Rivani, whose South Beach office refinancing we covered in September.

The numbers

The price is $12.5M. Bisnow, citing Miami-Dade property appraiser records, reports the seller bought the hotel in 2012 for $12M, so the contract is only about $500K above that purchase price. The seller is an entity tracing to London-based Generator. Its holdings also include parcels at 2701 and 2727 Indian Creek Drive.

Bisnow reports Playboy expects to spend about $5M from its balance sheet on the acquisition. We could not verify the deposit amount or the room count in the sources we read, so we leave both out rather than estimate a price per key.

What’s next

Watch for a recorded deed in Miami-Dade County if the Dec. 15 target holds, and for site plans or permit filings that show how much of the building becomes club space. Both are required before any conversion work starts.

Until a deed records, this is a proposed purchase and the terms could change. More deal coverage is on our South Florida page.