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W creator behind Gansevoort South Beach acquisition

3 Feb, 2012 By: Andrew Sheivachman

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Starwood Capital purchased The Gansevoort Miami Beach this week, and more details of the complex deal are beginning to emerge.

Globe St. reports on the complex deal behind the acquisition of Miami's Gansevoort hotel. Several affiliates of Starwood Capital worked together to acquire the luxury mixed-use property from Credit Suisse in a transaction brokered by Jones Lang LaSalle Hotels. “This deal was incredibly complex, due to the building’s size and scope of ownership, with nearly two million square feet owned by four major entities along with a shared facility space,” Carter McDowell, partner at Bilzin Sumberg, told Globe St. “Now under strong ownership, this trophy asset has the potential to be repositioned as among South Florida’s premier oceanfront properties.”

USA Today reports that Starwood Capital will reposition the hotel and introduce new retail components to the property's ample mixed-use space.

"This is an incredibly exciting opportunity to create a premier luxury hotel and residences along one of the world's most beautiful and popular beaches at a time when global interest in the Miami marketplace is close to surpassing its all-time high," Sternlicht said in a press release, according to USA Today. "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."

The South Florida Business Journal reports the hotel will be rebranded as the Perry South Beach and reopen in 2013 after an extensive $100 million renovation.

Topic : Starwood Capital, Gansevoort, Miami
External Source : Globe St., USA Today, South Florida Business Journal