Geolo Capital has agreed to sell its Thompson Miami Beach hotel to an affiliate of Hyatt Hotels Corp. The sale price was not disclosed.
The 380-room property will be rebranded as The Confidante and become part of Hyatt’s Unbound Collection.
The sale of the hotel, which opened in November 2014, is expected to close next month. Geolo is the private equity arm of the John Pritzker Family Office.
Geolo collaborated with its hospitality arm, Commune Hotels & Resorts, to convert the three-towered complex from the 174-unit Crown Apartments into the hotel. “With the Crown Apartments, we saw an opportunity to purchase an under-utilized and underperforming property in an emerging area of Miami Beach, and to reposition it into a coveted asset and successful beachfront hotel,” said John Pritzker, San Francisco-based Geolo’s founding partner and director.
“We are thrilled to expand our presence in Miami Beach, a market in which we have great unmet demand from our guests,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt.