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Only $117 Million for a Beach Resort in Miami

Posted: May. 3rd, 2013  |  By Michael Pearse

To many people, owning beachfront property is a pipedream that will likely never come true. However, for some affluent individuals out there, a single residence just won't do, and those people will get a full Miami beach resort and spa for a cool $117 million.

The Blackstone equity group has sold the Miami Beach Resort and Spa to Manhattan real estate investor Jacob Chetrit for $117 million, The Miami Herald reports.

The Chetrit Group plans to invest in enhancements to the 1963 hotel, including a new design concept for public areas, restoration of meeting facilities, renovated guest rooms, and new food and beverage concepts, according to a news release.

"We are looking forward to being part of the Miami Beach business community and to restoring the Miami Beach Resort and Spa to its former grandeur and into one of the better waterfront properties," Chetrit said.

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