A major landmark transaction recently closed on Collins Avenue, as the high-profile South Beach hotel sale of The Tony Hotel reached $16.5 million. The 52-room property at 801 Collins Avenue changed hands through an off-market deal after nearly four decades under Goldman family ownership. The historic Art Deco building was acquired by an entity linked to French hoteliers Philippe Le Guennec and Benjamin Debard.
Goldman Family Concludes 38-Year Legacy at 801 Collins Avenue
Originally purchased by Goldman Properties for $550,000 in 1986, the historic building operated as the Tiffany Hotel before being renamed The Tony Hotel in 2022. The renaming honored the late Tony Goldman, whose pioneering efforts were instrumental in shaping the revitalization of South Beach. The transfer of ownership occurred on the 14th anniversary of Tony Goldman’s passing.
Reflecting on the transaction, Jessica Goldman Srebnick spoke exclusively about the historic milestone for her family and the team behind the property. “We lovingly transitioned The Tony Hotel to new ownership on the 14th anniversary of our father Tony’s passing. It’s bittersweet, but the spirit of hospitality he fostered here will live on,” shared Srebnick. She added, “We are deeply grateful to all the wonderful people whose dedication over the past 38 years made this hotel truly special. Tony and the property named in his honor will always be a part of the history of Miami Beach.”
Renovation and Expansion Plans for The Tony Hotel
The buyers bring prior local investment experience to the deal, having purchased Miami Beach’s Kimpton Angler’s last year. For The Tony Hotel, the new owners plan to allocate millions of dollars into a comprehensive renovation while maintaining the property’s original Art Deco character. Existing features of the hotel include an ocean-view rooftop pool, bar, and garden area.
As part of their capital improvement strategy, the buyers aim to expand the hotel’s capacity and update its food and beverage offerings. Specific details of the project include:
- Purchase Price: $16.5 million acquired in an off-market transaction.
- Property Specs: 52 rooms located at 801 Collins Avenue in South Beach.
- Inventory Expansion: 21 additional rooms created through a leased building on Ocean Drive.
- Dining Overhaul: Replacement of Wish Café with a new restaurant concept yet to be announced.
- On-Site Amenities: Ocean-view rooftop pool, bar, and outdoor garden space.
Strategic Portfolio Shifts in Miami Beach Real Estate
This off-market deal highlights shifting geographic priorities for both parties involved in the transaction. Goldman Properties has focused its portfolio concentration more heavily in Wynwood. Meanwhile, the French hospitality group continues to grow its presence across the Miami Beach market.
Market Context Following the South Beach Hotel Sale
High-value transfers of established Art Deco assets demonstrate persistent investor focus on prime coastal districts in South Beach. Buyers actively seek out properties featuring value-add potential, such as expanded room footprints and updated food concepts, to optimize existing real estate. For hospitality investors and commercial property buyers, off-market acquisitions of historic assets remain a prominent structure for expanding hotel portfolios in top South Beach locations.
Source: World Red Eye
