search

The Real Deal Logo

Trending

City Council approves zoning change to greenlight casinosCity Council approves zoning change to greenlight casinosLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal
South Florida

John Pritzker to convert Crown to boutique hotel

John Pritzker and the Crown at Miami Beach apartment complex
John Pritzker and the Crown at Miami Beach apartment complex

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.

Sign Up for the undefined Newsletter

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