Hyatt is in the buying mood. Geolo Capital, the private equity arm of the John Pritzker Family Office, has entered into a definitive agreement to sell the Thompson Miami Beach to a Hyatt Hotels Corp. The sale of the property, which will join Hyatt's soft brand Unbound Collection, is expected to close in late April 2016.
The hotel will reportedly be renamed as The Confidante.
Geolo Capital collaborated with Commune Hotels & Resorts, its hospitality platform, to convert the 174-unit Crown apartment complex into the 380-room Thompson Miami Beach hotel.
“With the Crown Apartments, we saw an opportunity to purchase an under-utilized and underperforming property in an emerging area of Miami Beach, and to reposition it into a coveted asset and successful beachfront hotel,” said John Pritzker, founding partner and director of Geolo Capital.
The purchase gives Hyatt needed product in Miami, where it currently only has two properties, according to USA TODAY, the Hyatt Centric South Beach and Hyatt Regency Miami.
“Miami is a market where obviously our guests like to travel,” Maryam Banikarim, global chief marketing officer for Hyatt, told USA TODAY. “It’s a gateway for Latin America, for lots of different places. We were waiting for the right property to show up. This is the perfect fit for our portfolio.”
Hyatt launched its The Unbound Collection by Hyatt earlier this month.
Terms of the deal were not disclosed.