Chetrit flips Miami hotel Versailles to Argentine developer

TRD New York /
Aug.August 15, 2013 02:30 PM

From the South Florida site: Argentine developer Alan Faena, with longtime partner, billionaire investor Len Blavatnik, has acquired the historic Versailles hotel and condominium in Miami Beach for incorporation into the adjacent five-block Faena District, currently under construction, a Faena spokesperson told The Real Deal.

The Manhattan-based Chetrit Group sold the 289-unit hotel to Faena for an undisclosed amount on Tuesday after purchasing the pieces of the hotel it didn’t already own for a reported $50 million last week.

Chetrit had been individually acquiring units at the complex for more than two years, and received city approval late last year to renovate the Art Deco landmark and build a 10-story, 30-unit condo tower.

The hotel will become part of the Faena District, a five-block complex at Collins Avenue and 32nd Street that includes a Roman & Williams’ renovation of another Art Deco hotel, the Saxony; condo residences by Sir Norman Foster to be called Faena House; and an arts center with a component for artists-in-residence by the Pritzker prize-winning architect Rem Koolhaas.

“The purchase of the Versailles represents the continued growth of Faena District Miami Beach and our plans to create an enclave of high design, culture, and hospitality, surrounded by nature in one of the most exciting cities in the U.S.,” Faena said in an email to TRD.  — Emily Schmall


Related Articles

arrow_forward_ios
Sharif El-Gamal, Joseph Chetrit and 1384 Broadway (Getty; Google Maps)

Chetrit Group sues Sharif El-Gamal for unpaid rent

Chetrit Group sues Sharif El-Gamal for unpaid rent
As more New Yorkers escape to the suburbs or Florida, some of their brokers are going with them. (iStock)

Following the money, NY brokers seek licenses in other states

Following the money, NY brokers seek licenses in other states
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 

Chetrit family’s dev site buy tops weekly mid-market sales

Chetrit family’s dev site buy tops weekly mid-market sales
Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue, iStock, Discovery Channel)

Chetrit battles Discovery Channel at 850 3rd Avenue

Chetrit battles Discovery Channel at 850 3rd Avenue
150 East 86th Street (Google Maps)

Barnes & Noble closing on Upper East Side

Barnes & Noble closing on Upper East Side
Joseph Chetrit and 88-20 153rd Street (Credit: Getty Images, Google Maps)

Chetrit plans fifth apartment building at Jamaica hospital site

Chetrit plans fifth apartment building at Jamaica hospital site
Joseph Chetrit and 98 Montague Street in Downtown Brooklyn (Credit: Getty Images and Google Maps)

Chetrit Group lands $112M refi for Hotel Bossert project

Chetrit Group lands $112M refi for Hotel Bossert project
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

Chetrit nabs $200M refi for huge Jamaica project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...