According to the Miami Herald, the Regent Hotel has left as operator of the new hotel at 1458 Ocean Drive in South Beach. The new hotel operator is Vincci, a Spain-based hotel chain. The 80–unit property opened nine months ago were sold as condominium hotels.
If I were a owner of a unit, I would be pretty annoyed. That is one of the risks of buying a condo-hotel unit. It would be like the equivalent of buying a unit at The Ritz Carlton and ending up with a Super 8 operator, or worse yet, a Nicky O!
Speaking of Nicky O’Hilton
The Bentley Beach, a 109–room condo-hotel located at 101 Ocean Drive in South Beach, will become a Hilton next week. The Hilton was famous for operating The Fontainebleau Hotel on Collins Avenue up until 2005. Since 2005 Hilton has not operated a hotel on Miami Beach.
What’s Up With Paradiso Condos/Gansevoort Hotel?
It seems that the Chetrit Group, L.L.C., has sold the project to the owners of the Gansevoort Hotel in NYC. Gansevoort Hotel owners, William and Michael Achenbaum, were originally tapped to be the hotel operator for the South Beach project.
A source has informed me that a mortgage was recorded on the property, by CSFB, earlier this summer for $370M. Calls to the sales office have confirmed that Chetrit Group, L.L.C. is no longer the developer. Closings of Paradiso condominiums are scheduled to begin in October while the Gansevoort Hotel is slated for opening in November.
Michael Achenbaum tried unsuccessfully to take over the Royal Palm Crowne Plaza Resort in 2004.