An investment vehicle managed and led by Lifestyle Hospitality Capital (LHC) Group, and backed by funds advised by Elliott Investment Management, has bought The Gates Hotel South Beach for a reported $53 million.
The 235-room hotel will undergo a transformative renovation, following which it will be rebranded as The Dean Hotel – Miami Beach.
The hotel will be operated under the Dean brand, part of the Dean Group which operates other leading lifestyle hotels such as The Clarence, The Mayson and The Leinster.
What they said
Keith Evans, Founder & CEO of LHC, said: “We are thrilled to have acquired such a high-profile hotel in the fast-evolving Miami Beach hotel market. 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 US, following the recent expansion of the Dean Group into Munich and Berlin.”