Ritz-Carlton buys out One Bal Harbour

Next month, One Bal Harbour Resort & Spa is turning over management to Ritz-Carlton.

The 124-suite property will be the operator’s 10th in Florida, according to the Miami Herald.

No major changes or renovations to the 18-story tower, located at 10295 Collins Avenue, are planned. However, its name will change to the Ritz-Carlton Bal Harbour.

The Lionstone Group and Flag Luxury Group, owners of the Ritz-Carlton, South Beach, are buying the property from One Bal Harbour Hotel Facilities, an entity owned by the One Bal Harbour Residential Condominium Association.

Financial details have yet to be revealed. [Miami Herald]Christopher Cameron