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Gansevoort South's New Management Faces Criticism

MIAMI-The former owners claim Coral Hospitality lacks the experience to run the South Beach resort.

By Carl Cronan | Updated on February 18, 2010

MIAMI-The former owners of the Gansevoort South hotel are criticizing its new management for not having the proper experience to run such a large property. But Naples-based Coral Hospitality counters with its own track record.

Coral Hospitality has been hired by Gansevoort South’s new owner, Credit Suisse, to manage operations at the 334-room hotel and 259 adjacent condominiums. Column Financial Inc., a Credit Suisse affiliate, took ownership of the property at 2377 Collins Ave. from New York City-based father-and-son developers William and Michael Achenbaum in a foreclosure in late January.

The Achenbaums, who also have Gansevoort hotels in New York City and the Turks and Caicos, had hoped to retain management of the Miami property, which recently underwent a $100-million renovation. The owners failed to pay an $89-million mezzanine loan on the condo-hotel conversion, which also carried a $309-million first mortgage.

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