Billionaire Barry Sternlicht, Starwood Capital & Trust, with Peter Thiel bid for $61m overhaul of Standard Hotel Miami Beach

9/18/2024

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Boutique Hotelier

• Subcategory: Hospitality: Hotel, Hospitality: Resort

• Tag: Expansion | JV-Partnership | Proposed | Rezoning

• Additional Filters-Subcategory: Hospitality: Branded Residences

• Additional Filters-Tags: Conversion: Hotel-to-Multifamily, Sale: SF-Condo

• Company: Starwood Property Trust (NYSE: STWD)

Billionaire Barry Sternlicht has gathered together a group of well-known investors to fund an overhaul and redevelopment of Standard hotel in Miami Beach.

If the application is successful, the 100-key hotel would be expanded and reconfigured with new bedrooms and luxury residences in a project estimated to cost about $61m to complete.

The project is being led by Sternlicht, chairman and CEO of Miami Beach-based Starwood Capital Group, who is partnering with high profile businessmen including tech billionaire and Paypal founder Peter Thiel to see the bid come to fruition.