Buyers plan to convert the waterfront Tryp to condo-hotel with 96 units – Developer Ari Pearl and investor Jonathan Leifer paid $30 million for the Tryp Hotel in Bay Harbor Islands, with plans to convert it to a condo-hotel, The Real Deal has learned.
Pearl’s PPG Development and Leifer, chairman and founder of L3C Capital Partners, acquired the waterfront property out of foreclosure. Lender Ladder Capital Realty II LLC filed the foreclosure lawsuit in November against Bay Village Condos LLC. Glen Waldman, who represents the borrower, confirmed his client sold the hotel and that the loan was paid off.
The Tryp by Wyndham Miami Bay Harbor hotel, at 9540 West Bay Harbor Drive, will be converted to a 96-unit condo-hotel, according to Pearl. It will be branded as The Altair, an independent flag, and will feature a rooftop pool, restaurant, and gym.
The purchase marks the first collaboration between Pearl and Leifer, who are close friends, according to a press release. Pearl said that both he and Leifer were searching for “prime distressed assets” in South Florida and that they purchased the hotel for “well below replacement cost.”