Starwood, LeFrak, Invesco Plan $100M Renovation at South Beach Hotel
Posted February 2, 2012
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A consortium consisting of affiliates of Starwood Capital Group, the LeFrak Organization and Invesco Ltd. have jointly purchased the hotel formally known as the Gansevoort in South Beach.
The property consists of 334 hotel rooms, 255 condo units totaling 294,000 square feet, 90,000 square feet of retail space including a 42,000 square foot David Barton Gym, three outdoor swimming pools, and multiple indoor and outdoor food and beverage venues. The property also includes a 26,000 square foot rooftop pool and lounge with ocean views, a 32,000 square foot elevated pool plaza and restaurant, and a 48,000 square foot private beach.
The property occupies the entire block between 23rd and 24th Sts. on Collins Ave. and has more than 600 linear feet of beach frontage. Terms of the transaction were not disclosed.
The property was sold by entities controlled by Credit Suisse, which had acquired it through foreclosure in 2010.
The consortium is planning to invest more than $100 million in a renovation of the overall property while repositioning it as a hotel and condo destination in Miami Beach. The 334-room hotel will be renamed The Perry South Beach until it is re-launched in late 2013 with a new brand after an extensive renovation.
The 255 luxury residential condominiums will also be improved and, it is anticipated, be offered for sale later this year. The condominiums will have access to the full hotel services as well as the project's pools and extensive food, beverage and fitness venues. The repositioning will also include several new local and national stores and restaurants in the retail corridor along Collins Avenue.
Starwood's current portfolio includes 50 full-service hotels, including Hotel du Louvre in Paris, the Martinez in Cannes, the Viceroy Anguilla resort and the Sea Island Resort. The LeFrak Organization has developed more than 30 million square feet in New York, New Jersey and Los Angeles, including more than 25,000 apartments and approximately 15 million square feet of office, retail facilities and hotels. Invesco participated in the transaction through its Invesco Mortgage Recovery Fund, a fund co-managed by its Invesco Real Estate, Invesco Fixed Income and WL Ross & Co. LLC investment centers.
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