The Real Deal Miami

South Beach’s Gansevoort hotel sells, to be renamed Perry South Beach

February 02, 2012 12:00PM

The Perry South Beach

The Gansevoort hotel in South Beach has been sold to a group of affiliates of Starwood, LeFrak and Invesco and will be rebranded as the Perry South Beach. That name will remain until 2013, when the hotel will be revamped following a planned $100 million renovation. “This is a powerhouse asset with a unique beach footprint in one of the strongest hotel markets in the nation with high barriers to entry,” said Starwood CEO Barry Sternlicht. The property includes 334 hotel rooms, 255 condominium units and 90,000-square-feet of retail space. “This deal was incredibly complex, due to the building’s size and scope of ownership, with nearly 2 million square feet owned by four major entities along with a shared facility space,” said Bilzin Sumberg partner Carter McDowell, who represented the buyer in the deal. Terms were not disclosed. — Alexander Britell