The $117 million sale of the Miami Beach Resort to a company managed by Chetrit Group LLC has closed.
MBR Waterview LLC, a company managed by Joseph Chetrit’s New York investment firm, closed Tuesday on the acquisition of the 424-room oceanfront hotel at 4833 Collins Ave., according to an announcement from the brokerage that handled the sale. The company plans an extensive renovation of the resort, including a redesign of its public areas, upgrades to meeting facilities and guest rooms, and potentially new restaurant tenants. The hotel would remain operational throughout renovations.
Blackstone Group LP sold the resort to help restructure debt in its LXR Luxury Resorts & Hotels division. The transaction has not been recorded by Miami-Dade County.
The 50-year-old Miami Beach Resort has had several names, most notably the Doral on the Ocean. Founded by the Kaskel family, the Doral was popular with celebrities.
Jones Lang LaSalle Inc. managing director Gregory Rumpel and vice president Andrew Dickey arranged the sale.