The Delano South Beach hotel at 1685 Collins Ave. in Miami Beach sold for an undisclosed amount.
Greenwich, Connecticut-based Eldridge said it purchased the 191-room hotel from hotel management company SBE Entertainment Group.
The Delano hotel has been closed since March amid the Covid-19 outbreak. A statement from Eldridge says the company plans for the property to remain closed as it carries out an upcoming refurbishment.
The deal to purchase Delano South Beach also included the 878-room Hudson Hotel in New York.
Cain International, Eldridge’s real estate investment firm, was appointed to lead a repositioning of both properties. According to a statement from Eldridge, SBE will retain the Delano and Hudson brand names.
The Delano Hotel is Cain International’s only South Florida-owned hotel property. The Eldridge affiliate is led by Jonathan Goldstein.
“We remain firmly planted in our belief that well-positioned hospitality assets partnered with brands committed to innovation are poised to benefit from long-term growth. ” Goldstein said. “If the last year has taught us anything, it’s that property is a long-term business, and we remain confident that cities, particularly gateway cities, will thrive in a post-Covid landscape.”
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