MIAMI BEACH, FL— In a transaction that will probably gain notoriety as the largest single asset sale for the year— the fabled Fontainebleau Hilton hotel was sold. Owner, Stephen Muss, who rescued the property here from bankruptcy in 1978 for a reported $28 million, sold to Adventura-based Turnberry Associates. Jeffrey Soffer, the Turnberry president who negotiated the deal plans to restore the property to its past glory with a $150-million renovation of the 920-room resort. His plans call for new signature restaurants, a spa, complete refurbishment of the meeting rooms and public areas, along with “Las Vegas style entertainment.” Soffer says he has no plans to convert the hotel into a condo hotel property. Soffer and Muss are joint development partners in the development of two condo hotels at the south end of the Fontainebleaus 18-acre property. The first of these two is sold out and set to open next month. While declining to disclose the value of the deal, Stoffer said it was less than the $800 million spent to redevelop the Westin Diplomat Resort in Hollywood, FL. Turnberry, which has a rich portfolio of hotel properties, also plans to develop a 3,000 room hotel in Las Vegas and plans to market both properties together.
Previous ArticleNew CFO Named At Lodgian
Next Article Radisson Near LA Now Flies Courtyard Flag