Consortium Led by Barry Sternlicht Buys Gansevoort South Beach

Barry Sternlicht, credited with creating such hip brands as Starwood's W, has made a big move down in Miami. A consortium led by his firm, Starwood Capital Group, along with the LeFrak Organization and Invesco Ltd., have jointly purchased the 334-room Gansevoort South Beach on Collins Avenue, and will invest upwards of $100 million in renovations toward a rebrand.

The hotel, which currently boasts a David Barton Gym, will be known as The Perry South Beach until it is re-launched in late 2013 under the new brand name. "This is a powerhouse asset with a unique beach footprint in one of the strongest hotel markets in the nation with high barriers to entry," said Starwood Capital CEO Barry Sternlicht.

The hotel also comprises 255 condo units, retail space, three outdoor swimming pools, a rooftop pool and lounge, a private beach and the aforementioned 42,000-square-foot David Barton gym and spa.

The Miami Herald reports that "Credit Suisse took over the property in 2010 after an $89 million mezzanine loan became overdue; the mortgage was $314 million at the time. Entities controlled by Credit Suisse sold the property, the new owners said."

 

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