The Savoy underwent a renovation in the last year. The joint venture, Arden Savoy Investors, purchased the 74-room, 60-year-old hotel in February for $18 million or $243,243 per room. The hotel just underwent phase one of a major renovation to its art deco exterior and guest rooms.
The joint venture is seeking acquisitions, with a goal of acquiring approximately $250 million over the next 18 months.
The Omni Colonnade is a 157-room, Mobil Four-Star, AAA Four-Diamond hotel located on Miracle Mile, the retail hub of suburban Coral Gables.
The Miami-Dade County's Property Appraiser confirms to GlobeSt.com the assessed value of the property is $36 million. GlobeSt.com couldn't reach joint venture officials to learn the price paid for the Omni Colonnade.
The Arden Group Inc. acquires, develops, leases and manages hotels and resorts, office and specialized land development. Most recently, the firm completed the $100 million conversion of the former Girard Bank buildings into the Ritz-Carlton Philadelphia.
Gemstone is an operating and asset management company that specializes in hotels and resorts.
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