CGI Merchant Group Acquires Oceanfront Celino South Beach Hotel

CGI Merchant Group bought the Celino South Beach, an Art Deco-style hotel on Miami’s iconic Ocean Drive, as part of a $650 million hospitality loan fund that the firm launched in 2020.

The four-building complex, placed along the beach at 640 Ocean Drive, sits on the southern end of Miami Beach between 6th and 7th streets, facing Lummus Park. The property holds 132 rooms and a pool.

The sellers, Park Central Partners and Synergy 8 bought the property for $34 million in 2013, records show. Under their previous owners, the hotel complex underwent major renovations but never reopened.

This deal marks the latest acquisition by the firm’s CGI Hospitality Opportunity Fund I, which launched late last year. The $650 million funds, which counts baseball legend Alex Rodriguez as an investor and partner, is aiming to purchase 20 hotels in major urban areas across the country and the Caribbean. All assets obtained or developed through the fund will be part of Hilton’s portfolio of hotels.

Last month, CGI opened another Gabriel hotel in Miami’s Downtown area, after purchasing the property for $19.5 million in 2013. After renovating the hotel, CGI sold the hotel to the fund.

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