The pending $117 million acquisition of the Miami Beach Resort by Chetrit Group LLC puts Joseph Chetrit’s New York investment firm in a position to be the dominant hotel owner in the city’s hospitality market.
Chetrit has an agreement to buy the 424-room oceanfront hotel at 4833 Collins Ave., according to Wednesday’s report from Bloomberg News. It plans to renovate the hotel. Blackstone Group LP is selling the resort to help restructure debt in its LXR Luxury Resorts & Hotels division.
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