Hyatt’s Luxury Andaz Brand Coming to Miami Beach

In addition to the purchase price, Sunstone expects to invest approximately $60 million to reposition the Hotel into a premiere beachfront resort under Hyatt’s luxury, lifestyle Andaz brand.

“We are excited to announce our planned acquisition of The Confidante Miami Beach where we expect to generate significant value through an extensive renovation and rebranding of the Hotel to Andaz Miami Beach”, said Bryan Giglia, Chief Executive Officer. “Upon completion of the planned renovation, we will have transformed the earnings potential of the Hotel and we will own a premier Miami Beach luxury resort at a highly attractive all-in basis in a resilient, supply-constrained market that has continued to demonstrate meaningful rate growth.”

The renovation will include relocating the lobby to create a distinctive ocean-view check-in experience, re-concepting the food & beverage outlets, reinvigorating the pool and backyard recreation area, modernizing the guestrooms, expanding the suite mix, and upgrading the meeting and event spaces.

The renovation work is expected to begin in phases, starting in the fourth quarter of 2022 with completion and rebranding currently expected to occur in the first half of 2024. The property will remain in operation while the renovation is completed and will continue to be managed by Hyatt.

The Company currently anticipates closing the transaction by the end of the second quarter 2022.