Turnberry plans a two-year, $150-million renovation and enhancement of the 920-room property, the largest hotel in Miami-Dade County. It contains approximately 190,000 sf of meeting space, including a 31,000-sf grand ballroom.

The resort hotel, a curvilinear structure designed by Morris Lapidus and completed in 1954, quickly became a notable South Florida attraction for such stars as Frank Sinatra, Judy Garland and Liberace. Its star-appeal was later usurped by other, newer properties. Muss revived it substantially, but it never fully regained its past glory.

Jeffrey Soffer, the Turnberry principal who negotiated the transaction, aims to do that. His plans call for new signature restaurants, a spa, complete refurbishment of the meeting space and public areas, and "Las Vegas-style entertainment amenities." Melanie Muss," he says, "will play an active role in bringing the plans to fruition." The current staff will remain in place.

Soffer and Muss are joint-venture partners in the development of two condo hotels at the south end of the Fontainebleau's 18-acre property. The 36-story Fontainebleau II is sold out and set to open in February. Groundbreaking for 18-story Fontainebleau III is scheduled for early this year. Soffer says he has no plan to convert the original Fontainebleau hotel into a condo hotel property.

Of the sale, Stephen Muss says in a statement, "It's been an incredibly wonderful ride and selling the Fontainebleau is bittersweet. But the Muss and Soffer families share the same vision for this property and I am confident it will continue as one of the strongest and most exciting convention resort hotels in the country."

Turnberry's other current South Florida developments include Turnberry Ocean Colony, which is a two-building, 37-story residential condominium on Sunny Isles Beach; and Turnberry Village, a Mediterranean-style mid-rise condo complex in Aventura. It is also developing several Las Vegas properties, including Residences at MGM Grand, the $650-million Turnberry Place condo community and Town Square Las Vegas, which is a 1.2-million-sf lifestyle retail center.