Miami hotel sells for $232m

Sunstone Hotel Investors has entered into a definitive agreement with an affiliate of Hyatt Hotels Corp. to acquire the 339-room The Confidante Miami Beach, located on 1.5 acres of fee-simple, oceanfront land in Miami Beach, for $232 million, or $684,000 per key.

Following the acquisition, the company expects to pursue a full transformation of the property and a rebranding of the hotel to Andaz Miami Beach.

“We are excited to announce our planned acquisition of The Confidante Miami Beach, where we expect to generate significant value through an extensive renovation and rebranding of the Hotel to Andaz Miami Beach,” said Bryan Giglia, CEO of Sunstone Hotel Investors. “Upon completion of the planned renovation, we will have transformed the earnings potential of the hotel, and we will own a premier Miami Beach luxury resort at a highly attractive all-in basis in a resilient, supply-constrained market that has continued to demonstrate meaningful rate growth. We are a