A consortium consisting of affiliates of Starwood Capital Group, the LeFrak Organization and Invesco have jointly purchased a property that includes the former Gansevoort hotel in Miami, Florida, US.
The 334-room property was purchased from entities controlled by Credit Suisse, which had acquired it through foreclosure in 2010.
It consists of 255 condo units totalling 294,000ft², 90,000ft² of retail space including a 42,000ft² gym, three outdoor swimming pools, and multiple indoor and outdoor food and beverage venues.
The property, which occupies the entire block between 23rd and 24th Streets on Collins Avenue, includes a 26,000ft² rooftop pool and lounge, and a 32,000ft² pool plaza and restaurant.
The partners have announced plans to invest more than $100m in an extensive renovation of the property, which will be renamed The Perry South Beach until it is re-launched in late 2013 with a new brand after the renovation.
The companies plan to improve the 255 residential condominiums, which will have access to full hotel services and amenities.
LeFrak chairman and CEO Richard LeFrak said: "This investment represents both a strategic move into the vibrant Miami market as well as an expansion of our company’s investments in the hospitality sector."
Invesco has 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 investment centres.
Terms of the transaction have not been disclosed.