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US: Investment management platform Lifestyle Hospitality Capital (LHC) has acquired The Gates Hotel South Beach in Florida which will become the US flagship of the Dean Group.
The 235-room hotel will undergo a renovation and rebrand as The Dean Hotel – Miami Beach. It marks the debut of Dean Group in the United States.
Deutsche Bank reportedly provided an $83 million loan for the deal.
When complete, the hotel will join Dean-branded properties in Dublin, Cork and Galway.
Keith Evans, founder and 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.”
Last year, LHC – backed by funds advised by Elliott Investment Management – acquired a majority stake in the Dean Group.
In October, LHC acquired the Roomers Munich Hotel which marked the first hotel in Europe to be operated by the group. Max Brown Berlin followed in November.
Other lifestyle hotels in the Dean Group portfolio includes The Clarence, The Mayson and The Leinster in Dublin, as well as restaurants and bars such as Sophie’s, Ryleigh’s and Layla’s in Europe.
Appeared first on: boutiquehotelnews.com
