MIAMI—Hyatt Hotels Corporation is acquiring the Thompson Miami Beach hotel from an affiliate of Geolo Capital. Hyatt will rebrand the 380-root hotel as The Confidante as part of its recently launched “The Unbound Collection.”

Financial terms of the deal were not disclosed. The transaction is expected to close in late April. Geolo rebranded the hotel as Thompson Miami Beach in November 2014, investing $82 million to transform multifamily units into hotel rooms.

“The acquisition of this high-quality hotel allows Hyatt continued strategic growth in a critical market for both the company and for our newest brand, The Unbound Collection by Hyatt,” says Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are thrilled to expand our presence in Miami Beach, a market in which we have great unmet demand from our guests. The property will have the freedom to establish and maintain its individuality and distinct character while benefiting from the operational excellence and efficiencies that come from being part of Hyatt.”

Located at 4041 Collins Avenue, Thompson Miami Beach has three towers architected in 1940. At one time, it was the tallest modern building in Miami Beach. It has transformed over the decades, first launching as the 18-floor Lord Tarleton Hotel on Collins Avenue before reopening in 1955 as the Crown Hotel and later converting to a three-tower multifamily building.

The Confidante will feature 30 suites, two restaurants, two heated swimming pools, direct beach access, a rooftop spa, a full service salon, an indoor and outdoor fitness experience, in-room dining, a craft cocktail bar, and a lush tropical garden. It will also house approximately 35,000-plus square feet of indoor and outdoor flexible, multi-functional venue space.

“The booming South Florida hotel market has prompted hotel owners, both current and new, to take advantage of generationally-low interest rates and favorable loan terms,” Suzanne Amaducci-Adams, the Real Estate & Hospitality practice group leader at Miami-based law firm Bilzin Sumberg. “For example, several South Beach hotel owners have capitalized on large loans in the last few months, including Starwood, LeFrak, and Invesco. They recently closed on a $250 million loan from Deutsche Bank secured by the 1 Hotel in South Beach.”

Although there is some debate over how many new hotels developers should build in Miami, there is no question that the international demand is strong for rooms. All signs point to more growth, but where is that growth coming from and what trends are emerging? Click here to get one experts opinion.

MIAMI—Hyatt Hotels Corporation is acquiring the Thompson Miami Beach hotel from an affiliate of Geolo Capital. Hyatt will rebrand the 380-root hotel as The Confidante as part of its recently launched “The Unbound Collection.”

Financial terms of the deal were not disclosed. The transaction is expected to close in late April. Geolo rebranded the hotel as Thompson Miami Beach in November 2014, investing $82 million to transform multifamily units into hotel rooms.

“The acquisition of this high-quality hotel allows Hyatt continued strategic growth in a critical market for both the company and for our newest brand, The Unbound Collection by Hyatt,” says Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are thrilled to expand our presence in Miami Beach, a market in which we have great unmet demand from our guests. The property will have the freedom to establish and maintain its individuality and distinct character while benefiting from the operational excellence and efficiencies that come from being part of Hyatt.”

Located at 4041 Collins Avenue, Thompson Miami Beach has three towers architected in 1940. At one time, it was the tallest modern building in Miami Beach. It has transformed over the decades, first launching as the 18-floor Lord Tarleton Hotel on Collins Avenue before reopening in 1955 as the Crown Hotel and later converting to a three-tower multifamily building.

The Confidante will feature 30 suites, two restaurants, two heated swimming pools, direct beach access, a rooftop spa, a full service salon, an indoor and outdoor fitness experience, in-room dining, a craft cocktail bar, and a lush tropical garden. It will also house approximately 35,000-plus square feet of indoor and outdoor flexible, multi-functional venue space.

“The booming South Florida hotel market has prompted hotel owners, both current and new, to take advantage of generationally-low interest rates and favorable loan terms,” Suzanne Amaducci-Adams, the Real Estate & Hospitality practice group leader at Miami-based law firm Bilzin Sumberg. “For example, several South Beach hotel owners have capitalized on large loans in the last few months, including Starwood, LeFrak, and Invesco. They recently closed on a $250 million loan from Deutsche Bank secured by the 1 Hotel in South Beach.”

Although there is some debate over how many new hotels developers should build in Miami, there is no question that the international demand is strong for rooms. All signs point to more growth, but where is that growth coming from and what trends are emerging? Click here to get one experts opinion.