Beachfront Hyatt Hotel Will Convert to Andaz Miami Beach

Beachfront Hyatt Hotel Will Convert to Andaz Miami Beach

The Confidante Miami Beach will soon have new owners and undergo a major renovations. Sunstone Hotel Investors is buying the hotel, located on 1.5 acres of oceanfront land in Miami Beach, for a purchase price of $232 million.

Following the acquisition, the company expects to pursue a full transformation of the property and a rebranding of the Hotel to Andaz Miami Beach. Sunstone currently anticipates investing approximately $60 million to renovate all aspects of the hotel. Andaz properties are vibrant boutique hotels and resorts, and part of World of Hyatt. Usually located in prime locations, they weave the sights, sounds and tastes of their surroundings to create a truly immersive stay.

Bryan Giglia, Chief Executive Officer, stated, “We are excited to announce our planned acquisition of The Confidante Miami Beach where we expect to generate significant value through an extensive renovation and rebranding of the Hotel to Andaz Miami Beach. Upon completion of the planned renovation, we will have transformed the earnings potential of the Hotel and we will own a premier Miami Beach luxury resort at a highly attractive all-in basis in a resilient, supply-constrained market that has continued to demonstrate meaningful rate growth. We are also excited to further our relationship with Hyatt, one of the world’s premier hotel companies, and be part of the growth of Hyatt’s luxury Andaz brand.”

The renovation will include relocating the lobby to create a distinctive oceanview check-in experience, re-concepting the food & beverage outlets, reinvigorating the pool and backyard recreation area, modernizing the guestrooms, expanding the suite mix, and upgrading the meeting and event spaces. The renovation work is expected to begin in phases, starting in the fourth quarter of 2022 with completion and rebranding currently expected to occur in the first half of 2024. The Hotel will remain in operation while the renovation is completed and will continue to be managed by Hyatt upon repositioning.

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