MIAMI—Africa-Israel USA (AFI-USA) has sold the hotel portion of the Marquis Residences located for $37.5 million to CGI Merchant Group, a Miami-based investment and asset management group. The asset is located at 1100 Biscayne Boulevard in Miami.
CGI acquired the lower 15 floors of the Marquis tower, which includes the building's 5,700-square-foot retail space, parking garage, and 14 townhomes. The buy also includes Casa Moderna, a boutique, 56-unit hotel, as well as the associated spa, and Amuse Restaurant & Lounge.
“CGI is a visionary real estate owner who will expertly upgrade the hotel and its affiliated offerings,” says Damien M. Stein, AFI's COO. “AFI-USA and CGI worked tirelessly to bring this transaction to fruition. The Marquis Residences is the jewel on the Miami skyline and we are confident that the re-envisioned hotel will become the 'go-to' destination for Miami-area travelers and locals alike, and will only serve to enhance the condominium's desirability.”
CGI is planning to transform and re-brand the hotel with a five-star operator. Plans call for an extensive renovation, which will include converting the townhomes into full-floor hotel suites bringing the room count up to 129.
“We are thrilled to reinvigorate the property and transform it into what will soon be a five-star lodging experience,” says Raoul Thomas, the CEO of CGI. “The hotel will include more luxurious suites with a vibrant new restaurant and event space. It will be a must-see hot spot that will compete with the best hotels in Miami.”
The 67-story Marquis Residences was designed by Arquitectonica with panoramic views of Downtown Miami, Miami Beach, and Biscayne Bay. The 292-unit condo building, which sold out in 2013, offers a pool deck with Asian-inspired gardens, cabanas and juice bar; European-style gourmet kitchens; and high-speed elevators.
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