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South Florida

Chetrit buys Miami Beach Resort for $117M

From left: Joseph Chetrit and the Miami Beach Resort
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.

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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