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Miami Real Estate - Miami Real Estate news

Tuesday, September 20, 2007

The Bentley Beach is out, the Regents in and what’s going on with Paradiso Condos?

As the city prepares to welcome guests for the 2007 and 2008 season, South Beach scrambles to make more changes to Miami real estate.

Say Goodbye to Regent

The Miami Herald is reporting that the Regent Hotels is no longer operator of the Regent South Beach Hotel located at 1458 Ocean Drive in South Beach.  The Miami real estate property has been replaced with a new hotel operator, the Vincci hotel chain, based out of Spain.  The Regent South Beach, an 80–unit property was sold as a condominium hotel and had opened just nine months ago.
Some of the Regent’s condominium owners are annoyed and rightfully so. Imagine buying a unit at The Ritz Carlton and having it run by an operator like Super 8, or even worse, a Nicky O!


Speaking of Hilton

The Bentley Beach Hotel, a 109 room condo-hotel located in South Beach at 101 Ocean Drive will become a Hilton at the end of September 2007. This was made possible due to the lodging chain parting ways with The Fontainebleau Resort in 2005. The Fontainebleau’s contract with Hilton had prohibited other Hilton’s from operating in the Miami Beach and Miami area.

The Radisson Hotel located in downtown Miami is also becoming a Hilton franchise making it the second Miami real estate property to become a Hilton since the Fontainebleau contract ended.


Roney Palace to Paradiso/Ganesvoort

Previously known as the Roney Palace, the owners of Paradiso, the condo portion of the condo- hotel has sold the project to the owners of the Gansevoort Hotel in NYC.  The Chetrit Group, L.L.C., sold the project to William and Michael Achenbaum, Gansevoort Hotel owners who were originally to be the hotel operator for the South Beach project.

In 2004, Michael Achenbaum tried to take over another Miami real estate property, the Royal Palm Crowne Plaza Resort but was unsuccessful.

Earlier this summer a source has said that a mortgage was recorded on the property, by CSFB, for $370M; and calls made to the sales office confirm that Chetrit Group, L.L.C. is no longer the developer. Closings of Paradiso condominiums are scheduled to begin in October while the Gansevoort Hotel is slated for opening in November. 


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