How soon until The Setai in Miami has a new owner?

The Setai Hotel in South Beach may soon have a new owner. That's according to The New York Post, which writes that luxury Miami hotel, which has been on the market for a few months, has narrowed the bidding process down to two final offers.

According to The Post, one of them is from the Suzer Group, a Turkish-based company with interests in real estate, banking, construction and oil and gas. Suzer is also the owner of the Ritz-Carlton Hotel in Istanbul.

The Post reports it has offered $88 million for the 80-room hotel, which comes out to about $1.1 million per room.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

Suzer is reportedly working "with an as-yet unnamed New York-based developer and commercial landlord group with hospitality links," sources told The Post.

The Setai is comprised of two separate buildings. A 40-story oceanfront high-rise condo tower with 163 luxury units that is not part of the deal.

It's located at 2001 Collins Avenue.

The hotel has had former drama. Back in April 2012, Singapore-based management company General Hotel Management (GHM) was ejected as manager of the property by owner representatives who said they were taking over the property. . 


Suggested Articles

Two conferences traditionally held in the first half of each year are rescheduling for the second half.

Brands have opened new properties in Illinois, Ohio and New York City.

A new entity will combine a number of brands, including Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h and 21c Museum Hotels.