MIAMI-A group of investors that include Greenwich, CT-based Starwood Capital Group, is investing more than $100 million to turn the former Gansevoort South Hotel in Miami Beach into the 1 Hotel & Residences South Beach.

The hotel will close at some point in the future so that renovations can begin. The property at 2399 Collins Ave. was purchased for almost $230 million a year ago, according to the Miami Herald.

Along with Starwood Capital, the ownership group includes the LeFrak Organization and investment manager Invesco. Affiliates of Credit Suisse sold the property last year.

“This isn’t paint and carpet, this is a full gut of nearly everything in the property,” says Barry Sternlicht, chairman and CEO of Starwood Capital Group. “You won’t recognize the building, you won’t recognize the pool deck, you won’t recognize anything.”

Plans are for the 417-room hotel to reopen in early 2014. The property will also include 163 residences that are expected to range in price from $600,000 to more than $6 million when they start selling in April. See story in the Miami Herald.