Elliott Investment Management has acquired and will rebrand
The Gates Hotel to become Dean’s U.S. flagship property.
MIAMI BEACH – An investment vehicle managed and led by
Lifestyle Hospitality Capital (LHC) Group and backed by funds advised by New York
City-based Elliott Investment Management has acquired for a reported $52.5
million from the Rockpoint Group The Gates Hotel in Miami Beach.
The acquisition was reportedly financed with a $82.5 million
loan from Deutsche Bank.
The 230-room South Beach hotel will be renovated and
rebranded as The Dean Hotel – Miami Beach, the U.S. flagship of the Dean Group’s
Dean brand. The group also operates The Clarence in Dublin, The Mayson and The
Leinster, as well as restaurants and bars such as Sophie’s, Ryleigh’s and
Layla’s in Europe.
Dean Group is a dedicated hotel real estate, brand and
management platform. Based in Dublin, the group includes 11 freehold hotels
across Ireland, Germany and the U.S., comprising around 1,350 hotel rooms
(including ongoing developments), bars, restaurants and wellness facilities.
“We are thrilled to have acquired such a high-profile hotel
in the fast-evolving Miami Beach hotel market,” Keith Evans, founder and CEO of
LHC said of the off-market deal. “The Gates Hotel South Beach offers
significant potential for repositioning into one of Miami’s leading lifestyle
hotels. This is an exciting first move for the Dean brand as it begins to build
its presence across the U.S., following the recent expansion of the Dean Group
into Munich and Berlin.”