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COCONUT GROVE, FL-Colony Capital LLC and the Falor Cos. have signed an agreement with hotel and restaurant operator Kimpton Hotels & Restaurants to manage the 179-suite Mayfair House Hotel here.Global real estate investor Colony Capital and Chicago-based Falor Cos. purchased the property earlier this year for $14.7 million and are converting it to an upscale condominium hotel. The owners have upped the renovation, upgrade and transformation costs from about $6.5 million to $10 million. The renovations are expected to be mainly completed by early next year. The condo units, which range from 400 sf to 972 sf, are priced from the low $200,000s. The Mayfair Hotel, located at 3000 Florida Ave., was built in 1985 as part of the mixed-use development Streets of Mayfair.The renovations are to reflect the Kimpton hotel style with upscale amenities. Plans also call for a new restaurant to be operated by Kimpton. When the renovations are completed, Kimpton, based in San Francisco, plans to re-launch the property as the Mayfair Hotel & Spa. “Each of our hotels tells a story, and we are looking forward to implementing our signature style through renovations that will allow us to highlight the Mayfair’s rich history and share its unique story,” Tom LaTour, chairman and CEO of Kimpton Hotels & Restaurants, says in a statement. “Colony Capital and the Falor Cos. have purchased a unique jewel of a hotel, and we believe affiliating with them will be a great introduction for us into the South Florida market.”

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