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Hyatt Hotels to sell Miami Beach hotel for $232M with major renovation to follow

·2 min read
Hyatt Hotels to sell Miami Beach hotel for $232M with major renovation to follow
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An affiliate of Hyatt Hotels Corp. has agreed to sell the Confidante Miami Beach hotel, which will be rebranded. Irvine, California-based Sunstone Hotel Investors (NYSE: SHO) announced it will pay $232 million for the 339-room hotel at 4041 Collins Ave. The seller was HT Miami Beach LLC, part of Chicago-based Hyatt Hotels (NYSE: H), which also operates the hotel. The beachfront hotel last traded for $229.4 million in 2016, so it had a relatively modest gain in value.