CHICAGO—An affiliate of Hyatt Hotels Corporation has entered into an agreement to purchase the 380-room Thompson Miami Beach hotel from an affiliate of Geolo Capital. The transaction is expected to close in late April, and the hotel will be rebranded as The Confidante upon opening, joining the existing properties in the recently launched The Unbound Collection by Hyatt brand.
“The acquisition of this high-quality hotel allows Hyatt continued strategic growth in a critical market for both the company and for our newest brand, The Unbound Collection by Hyatt,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “The property will have the freedom to establish and maintain its individuality and distinct character while benefiting from the operational excellence and efficiencies that come from being part of Hyatt.”
Taking cues from its midcentury-modern design, The Confidante has deep historical roots in Miami Beach, according to Hyatt. The Confidante is a three-towered property that pays homage to the feeling of the city in the 1950s. Serving at one time as the tallest modern building in Miami Beach, The Confidante originally opened as the 18-floor Lord Tarleton Hotel on Collins Ave., making headlines and representing a boom for the city’s economy, according to the company. In 1955, it reopened as the Crown Hotel and later was converted into a three-tower apartment building. Since 2014, the property has operated as Thompson Miami Beach hotel.
“The Unbound Collection by Hyatt is all about giving the properties within this brand the freedom to be extraordinary and providing guests with the social currency and story-worthy experiences they crave. The Confidante’s rich history steeped in Miami Beach’s golden era will do just that,” said Maryam Banikarim, global chief marketing officer for Hyatt. “It will provide a playful and sophisticated backdrop, much like a friend’s beach house, where guests can get away and relax while enjoying the vibrancy and energy of Miami Beach.”
The Confidante will feature 30 suites, two restaurants, two heated swimming pools, direct beach access, a rooftop spa, a full-service salon, an indoor/outdoor fitness experience, in-room dining, a craft cocktail bar and a tropical garden. It will also house approximately 35,000 sq. ft. of indoor and outdoor flexible, multi-functional venue space.