Miami Beach Resort Sold for $117 Million

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One of Miami Beach's iconic hotels is poised to make a comeback with new owners.  

The Blackstone equity group sold the Miami Beach Resort and Spa for $117 million to a company controlled by Jacob Chetrit, according to a recent press release.  

The Chetrit group, a top Manhattan real estate investor, is planning renovations for the 1963 hotel to include the 424 guests rooms, public areas and meeting rooms, according to The Miami Herald.

"We are looking forward to being part of the Miami Beach business community and to restoring the Miami Beach Resort and Spa to its former grandeur and into one of the better waterfront properties." Chetrit said in the release on behalf of the new owners.  

Formerly known as the Doral hotel, it is located on the 4800 block of Collins Avenue. It was once a popular location for stars vacationing in Miami and a movie scene location for  the 1972 hit film The Heartbreak Kid. Through the years, however, the Fountainebleau and Eden Roc have become synonymous with the rich and famous. 

"This is a great old lady that is going to get the proper attention and capital." Jones Lang LaSalle Hotels managing director and a broker on the deal, Gregory Rumpel, told the Herald.

Among other properties in Miami Beach, Chetrit Group purchased the Tides hotel in 2011 and is working on Hotel Versailles at 3425 Collins Ave, according to the Herald. 

STR Global recently reported positive hotel performance for Miami in February 2013, proof of more activity in the area.