A group of Miami-based investors featuring Alex Rodriguez has purchased its first South Beach hotel.
CGI Merchant Group, a global investment management firm focused on real estate and private equity, announced Wednesday it had purchased The Celino South Beach. Located at 640 Ocean Drive, the Celino, originally built in 1937, will reopen in fall 2021. It is among the largest hotel complexes on Ocean Drive.
The purchase price was not immediately available. The deal was financed through CGI’s $650 million Hospitality Opportunity Fund, launched in December 2020. The acquisition follows the reopening of sister property The Gabriel Miami, Curio Collection, located in downtown Miami at 1100 Biscayne Blvd.
All CGI hospitality fund properties will carry the Hilton brand — and the Celino is the first flagged hotel on Ocean Drive. Comprising 132 guest rooms including 26 suites, the Celino was most recently renovated in 2019.