New York investment firm reportedly bets on Miami
February 5, 2013 by James
A recent story from the Daily Business Review suggests that the upcoming purchase of the Miami Beach Resort is yet another indication that Miami real estate investments are still hot commodities.
It was reported at the end of January that, according to Bloomberg News, the Chetrit Group LLC will pay the Blackstone Group LP $117m for the 50-year-old property. Joseph Chetrit’s investment firm will, once the Miami Beach Resort acquisition goes through, have purchased no fewer than 14 buildings in Miami Beach over the last couple of years.
It is safe to say that Chetrit Group is positioned to be the dominant hotelier in Miami’s hospitality market. The group apparently is not buying properties at random but as part of a carefully constructed plan. Half the group’s recent Miami purchases are situated one block east of the soon-to-be-renovated Miami Beach Convention Center – a feature that print companies will no doubt be including in the new hotel brochures once the properties are remodeled.
Chetrit, which operates out of New York, is known for making savvy real estate investments all over the country. The company owns a large part of downtown Los Angeles, is co-owner of the Willis Tower (formerly Sears Tower) in Chicago, and is part of a deal to buy Sony’s U.S. headquarters on Madison Avenue.
Although a source claiming to be familiar with pending transaction involving the Miami Beach Resort confirms the validity of the sale, there was no confirmation from the parties involved before the story was printed.