Home | October 10, 2015

On Thursday, the owners of Gansevoort South lost their Miami Beach hotel to lenders as the distressed condo-hotel conversion couldn't find a buyer for an $89 million loan on their Miami commercial real estate property.

An affiliate of Credit Suisse took possession of the 334-room Miami commercial real estate property after no bidders stepped up at a New York auction to buy the debt.

Michael Achenbaum said operations won't be affected by the change of ownership in Florida who’s New York Company. He owned both the Miami Beach Gansevoort and the original Gansevoort in New York. The Miami commercial real estate property remains the Gansevoort and Achenbaum's company manages the hotel.

The Miami Beach hotel is expected to be sold by Credit Suisse, which also carries a $309 million first mortgage.

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