The former Lord Tarleton Hotel in Miami Beach could be going back to its roots.
A San Francisco company has paid $85 million for the former hotel property, which has operated as a luxury rental apartment community called The Crown Miami Beach for five years. Crown Miami Hotel Owner LLC bought the three-property site at 4041 Collins Ave., according to Miami-Dade County records. The county electronically recorded the Nov. 27 transaction Monday.
The buyer's name suggests The Crown will be repositioned as a hotel in an area of Miami Beach that is rife with all kinds of hospitality product. Crown Miami is managed by Geolo Capital, which obtained a $125 million loan from Irving, Texas-based GSREMP Origination Joint Holding L.P.
Geolo is an entity of Chicago's Pritzker family, whose holdings include the Hyatt hotel chain, according to the company's website. The company specializes in "investing in and creating a portfolio of consumer-focused companies" involved in the hospitality, entertainment, health and wellness and consumer products sectors.
Calls to Geolo managing general partner Tom Gottlieb were not returned by deadline.
Bay Harbor Islands-based Crown at Miami Beach Ltd. is the seller. The company is managed by Howard Cohen, president and CEO of Atlantic & Pacific Development Group Inc. Cohen did not return calls seeking comment.
Conversion To Rentals
The property was built in 1940 as the Lord Tarleton Hotel, and Melvin Grossman expanded the Art Deco hotel building during the 1950s.
Atlantic & Pacific added a luxury rental tower in 2007.
During the condominium conversion craze in the middle of last decade, the hotel's owners sought to convert the property from a hotel to residential use. But instead of a condo, the owners opted to convert to a pure rental community.
In addition to the 172-unit apartment building, The Crown site includes a 1.5-acre vacant parcel and a 76,355-square-foot mixed-use building. Morton's The Steakhouse previously operated a restaurant at the complex, but the restaurant closed earlier this year.