Hyatt Hotels just closed its $229.4 million purchase of the Thompson Miami Beach and a mixed-use parking garage across the street.
The sale comes little more than a month after Hyatt, one of the nation’s largest hospitality corporations, announced it was in contract with Geolo Capital to buy the three-tower hotel complex at 4041 Collins Avenue.
County records show the deal also included a 76,355-square-foot mixed-use property at 228 West 40th Street, which houses ground-floor retail space and parking.
With three 18-story towers and 380 rooms, the purchase price breaks down to an astounding $603,684 per key. By comparison, San Francisco-based Geolo paid $85 million for the hotel in 2012, or about $224,000 per room.
Hyatt will now rebrand the property under its Unbound Collection, a luxury line of independent hotels that typically have their own identity. The company will also rename the hotel as the Confidante.
The hotel first opened in 1940 with a single tower known as the Lord Tarleton. Roughly 15 years later, a second eight-story tower was added and the complex came to be known as the Crown Hotel. A third tower was added in 2003, and the complex was converted to apartments.
Geolo, the hotel’s most recent owner, bought out the property nine years later and began an $82 million renovation along with rebranding the complex under its current name, the Thompson.