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Blackstone Disposes of Miami Beach Resort

Friday March 29th, 2013 - 12:30AM

MIAMI BEACH–The Blackstone Group private equity firm has sold the 424-room Miami Beach Resort & Spa here for $117 million.

Acquiring the 50-year-old oceanfront property was the New York-based Chetrit Group, a real estate development and management company. Chetrit plans an extensive renovation of the guestrooms, public space and meeting space. Jones Lang LaSalle Hotels served as the broker on the transaction. When it was built in the 1960s, the hotel was known as The Doral.