Geolo Capital to convert Miami apartment complex

George Sell George Sell Uploaded 15 January 2013

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US: A group of investors led by John Pritzker's Geolo Capital has paid $100 million for the Crown at Miami Beach and will convert it in to a hotel.

The group will spend an additional $67 million converting the property which will open in late 2014, as a 388-room Roosevelt hotel, managed by Commune Hotels and Resorts.

The project is the largest to date for Commune. Pritzker, son of Hyatt founder Jay Pritzker, formed the company in 2011 by merging Joie de Vivre Hospitality with Thompson Hotels.

According to the Wall Street Journal, Pritzker and Commune co-chairman Jason Pomeranc intend for the Miami Beach project to be a template for the Roosevelt brand as a vehicle for converting historic buildings into boutique hotels. Roosevelt Miami Beach will also serve as a template for expanding the brand into South America.

Pritzker said: "I think Miami Beach represents a seminal moment for us. This was a very big deal, a very big hotel- and it is expensive to fix. I think that is going to be one of our calling cards."

Commune has hired Miami-based Kobe Karp Architects and Interior Design Inc. and designer Martin Brudnizki to work on the conversion.

www.communehotels.com

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