The Real Deal Miami

Chetrit buys Miami Beach Resort for $117M

March 27, 2013 12:00PM

From left: Joseph Chetrit and the Miami Beach Resort

Joseph Chetrit has nabbed the storied but blandly-named Miami Beach Resort at 4833 Collins Avenue for a cool $117 million, the Daily Business Review reported.

The 424-room oceanfront hotel will undergo an extensive renovation, the Business Review said, which may include new restaurant tenants.

Private equity giant Blackstone Group LP sold the asset, “to help restructure debt,” the publication said.

The resort was previously called the Doral on the Ocean, and has been a popular celebrity hang-out during its 50 year tenure. [Daily Business Review]-Guelda Voien