Blue Road, a Miami development company led by principals Jorge Savloff and Marcelo Tenenbaum, just announced the re-opening of the historic Berkeley Hotel in Miami Beach.
The Argentine investors spent a total of about $43 million on major renovations, construction and land purchases, according to a release. Blue Road has added 32 rooms to the pre-existing 64 units, as well as a rooftop garden and swimming pool deck that overlooks Collins Avenue.
The hotel at 1610 Collins Avenue, designed by Art Deco architect Albert Anis, will be managed by Palma, Majorca, Spain-based Iberostar Hotels & Resorts. It will have a BLT Steak restaurant in its hotel lobby, according to the release.
The Berkeley Hotel is the first hotel in the United States to be franchised by Iberostar, according to the release. Spanish billionaire Amancio Ortega owns Iberostar 70 Park Avenue in New York. The company has more than 100 hotels in Europe, Africa, the Mediterranean, the Caribbean, and the Americas.
The recent opening follows years of delays. The developers bought the site in 2013 for an undisclosed amount described as “very close” to the asking price of $13.78 million. Two years later they started on renovations after scoring a $18.4 million construction loan from lender Mercantil Bank.
The hotel, originally built in 1940, lies on the west side of Collins Avenue, across the street from the Loews Miami Beach and adjacent to the recently completed Hyatt Centric, which was developed by Robert Finvarb.