Geolo Capital has completed its disposal of the Thompson Miami Beach hotel to Hyatt Hotels for $229.4 million. The three-tower hotel complex at 4041 Collins Avenue also comes with a 76,355 sqf mixed use property which houses ground-floor retail space and parking. Trading for $603,685 per room key, Geolo improved upon the $85 million it paid for the property in 2012. Geolo carried out an $82 million renovation of the building after taking it over which ended with it’s being rebranded.
Hyatt will also rebrand the hotel as the Confidante under its Unbound Collection, a luxury line of independent hotels that typically have a unique identity. The hotel first opened in 1940 with a single tower known as the Lord Tarleton. Roughly 15 years later, a second eight-story tower was added and the complex was named the Crown Hotel. A third tower was added in 2003, and the complex was converted to apartments.
