The duo is planning to modernize the building.

The building was transformed from an office space.

Plus, there's a preferred equity investment worth $43 million.

South Florida and Tampa Bay are its biggest focuses.

It features 893,000 square feet of space.

The 234-room hotel comes with 25 suites.

The property spans more than 515,000 gross square feet.

Some support is coming from existing investor Mirasol Capital