After paying approximately $100 million for the Crown at Miami Beach apartment complex last month, John Pritzker’s Geolo Capital and partners are planning to convert the complex into a boutique hotel operated by Pritzker’s Commune Hotels & Resorts, the Wall Street Journal reported.
The Geolo-led group purchased the property from Atlantic Pacific Cos., and it will become the third conversion project Commune is undertaking — the others are in Chicago and Manhattan.
“I think Miami Beach represents a seminal moment for us,” Pritzker said. “This was a very big deal, a very big hotel–and it is expensive to fix. I think that is going to be one of our calling cards.” [WSJ] —Christopher Cameron