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Chetrit buys Miami Beach Resort for $117 million

A company controlled by Jacob Chetrit closed the purchase of the 424-room Miami Beach Resort and Spa from Blackstone Group for US$117 million on Tuesday.

MBR Waterview LLC said it plans to implement a new design concept for the public areas and new food and beverage concepts, restore of meeting facilities and renovate guestrooms. The hotel plans to continue to operate during the renovations.

Jones Lang LaSalle’s Hotels & Hospitality Group brokered the sale.

“The sale of the Miami Beach Resort and Spa represented a rare opportunity to acquire one of the last big boxes in Miami. With this acquisition, MBR Waterview LLC, will control one of the most prominent and historic hotels in the market,” said Gregory Rumpel, managing director at JLLH. “Given the hotel’s beachfront location, meeting space that is unmatched in Miami Beach and redevelopment opportunities, the possibilities to further the property’s position in the market are endless.”

The hotel opened in 1963 as the Doral Beach Hotel, the sister hotel to the Doral Country Club. The property is situated on Miami Beach and the Intracoastal Waterway.

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