Former South Beach Gansevoort to relaunch as 1 Hotel

The Miami Herald reports that the former Gansevoort hotel in Miami's South Beach, currently operating as the Perry hotel, will convert to Starwood Capital's eco-minded 1 brand early next year. Owners, that include Starwood Capital, the LeFrak Organization and Invesco, are reportedly investing more than $100 million in the project, a renovation that started after they bought it for nearly $230 million a year ago.

"This isn’t paint and carpet, this is a full gut of nearly everything in the property," Barry Sternlicht, chairman and CEO of Starwood Capital Group, told The Miami Herald. "You won’t recognize the building, you won’t recognize the pool deck, you won’t recognize anything."

Entities controlled by Credit Suisse sold the property last year after the bank took it over in 2010.

The hotel will close at some point for renovations, though a specific date has not been released.

Plans are for the 417-room hotel to reopen in early 2014. The property will also have 163 residences.

Once finished, the property will include four pools, a new restaurant, a private lobby and arrival area for residents, new balconies, new views of the ocean and a new boardwalk.

The hotel, although placing an emphasis on the environment and sustainable practices, will still be a luxury hotel with all the bells and whistles one would expect, explained Richard LeFrak, chairman, president and CEO of the LeFrak Organization.

"We’re not just making a place that’s fun for tree-huggers," he told The Herald. "It’s still South Beach and it's still supposed to be fun—and this place will be a lot of fun."

Sternlicht said he expects 1 Hotel to command higher rates when it re-opens. The Miami Beach location will be one of the first properties in the 1 Hotel brand; two others are planned to open in New York in 2014 and 2015.

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