the Mayfair House Hotel in Coconut Grove, Florida
by Colony Capital, LLC and The Falor Companies
|Miami, FL – October 4, 2004 – Colony
Capital, LLC and The Falor Companies have signed an agreement with Kimpton
Hotels & Restaurants, the San Francisco-based hotel and restaurant
operator, to manage the Mayfair House Hotel in Coconut Grove, Florida.
Colony Capital, a global real estate investor, and The Falor Companies,
with offices in Miami and Chicago, have partnered to purchase the property
and are in the process of converting it to an upscale condominium hotel.
"We understand the importance of great
management to both hotel guests and condo owners. Kimpton is the
best when it comes to operating top-quality, independent hotels that are
also vibrant and fun,” commented John Brady, partner in Colony Capital.
“The Mayfair will re-claim its heritage as “the place to be” with the hiring
of Kimpton and the completion of our extensive renovation program.”
Renovations, which are expected to be largely complete by early 2005, are underway throughout the 179-suite hotel. A new bar and restaurant with outdoor seating overlooking CocoWalk will be created, and a resort style rooftop deck will be developed with a dramatic 80’ x 16’ pool plus private cabanas with plasma screen televisions and secluded spa treatment areas. Additionally, a 4,300 square foot luxurious spa and state-of-the-art fitness facility will be added to the hotel. Accentuating the sultry foliage of South Florida and the ambiance of an exotic resort, the exquisite Mayfair atrium will also be redesigned with tropical flowers, stylized daybeds and fiery torches.
Condo units start in the low $200,000s and range from 400 to 972 square feet. “The response has been overwhelming and we expect to sell out fast. The condo/hotel trend in South Florida continues on an upward swing and the Mayfair is no exception,” commented Jerry Kaufman, president of The Kaufman Organization and head of condominium sales for The Falor Companies. “There is a lot of history in Coconut Grove and the Mayfair is a historical icon for those who grew up in the area – this will be a rare opportunity to own a piece of this exceptional property.”
While Kimpton will not be involved with the sale of condominiums, Colony Capital and The Falor Companies have an extensive arsenal of experience and expertise. Colony Capital has an extensive global investment portfolio encompassing numerous luxury hotels and upscale residential projects. The Falor Companies are leaders in the repositioning and conversion of traditional hotels to condominium hotels and are rapidly advancing across the country, acquiring and converting properties in all major markets throughout the United States including Chicago, California, Washington, D.C. and New York, among others.
With chic style and eclectic elegance, the Mayfair House Hotel is an AAA Four-Diamond hotel, rich with unique architectural design, finely appointed rooms, luxury amenities and service.
For the past 13 years, Colony Capital has invested more than $10.5 billion in over 7,500 assets through various corporate, portfolio and complex property transactions. Colony has a staff of more than 100 and is headquartered in Los Angeles, with offices in New York, Paris, London, Madrid, Rome, Hawaii, Hong Kong, Tokyo, Taipei, Shanghai and Seoul.
The Falor Companies is a diversified hospitality firm specializing in development and asset management. The company has established themselves as a leading entity in the United States involved in the acquisition of select resort and urban hotels for the conversion to condo-hotels.
Kimpton is a San Francisco-based company known for its collection of stylish hotels that are coupled with fine chef-driven restaurants. Founded in 1981, the company currently operates 38 hotels and restaurants across the United States and Canada. Kimpton's combination of unique design, outstanding service and an adjacent destination restaurant has proven a great success. Kimpton’s signature elements are care, comfort, style, flavor and fun. The company recently opened the Argonaut Hotel located in the San Francisco Maritime National Historical Park at Fisherman's Wharf, the Onyx Hotel in Boston, and 70 Park Avenue Hotel in New York City. Hotel Solamar will open in San Diego in April of 2005.
Tel: (305) 444-4033
|Also See:||Lodgian's 179-room Mayfair House Hotel in Miami Sold for $14.7 million / May 2004|
|Coconut Grove's Mayfair House Hotel, Aging Monument to High-Flying Miami of 1980s, Attracts Buyer / April 2004|
|The Falor Companies Acquiring The Tides Hotel on Miami's South Beach; Will Convert into a Condominium-hotel / August 2004|