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.”
Ten million dollars is being invested to renovate and upgrade the Mayfair House to transform the landmark property into one of the finest condo/hotels on the market. The renovations will reflect the unique hotel style of the Kimpton brand, known for providing guests with exceptional amenities and service and individually tailored experiences. The planned renovations will also introduce a new restaurant that will be operated by Kimpton, whose chef-driven restaurants and lounges serve as a focal point to their hotels. Upon completion of these substantial renovations, Kimpton will re-launch the property as the Mayfair Hotel & Spa.
“The Mayfair, with its unique architecture and design, is a statement property in the Coconut Grove community,” said Tom LaTour, chairman and CEO of Kimpton Hotels & Restaurants. “Each of our hotels tells a story, and we are looking forward to implementing our signature style through renovations that will allow us to highlight the Mayfair’s rich history and share its unique story. The creative services and amenities which will be offered at the Mayfair Hotel & Spa will embody the elements of the Kimpton brand - care, comfort, style, flavor and fun. Colony Capital and The Falor Companies have purchased a unique jewel of a hotel, and we believe affiliating with them will be a great introduction for us into the South Florida market.”
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. Located within walking distance to Biscayne Bay, just 10 minutes from downtown Miami and 15 minutes from the Miami International Airport and South Beach, the Mayfair House Hotel is a perfect place for business travelers and tourists alike. Guests enjoy the benefit of shopping, dining, exploring museums and art galleries, listening to live music, and partaking in the radiant nightlife all within walking distance of the hotel. For more information or reservations contact 1-800-323-7500 or www.mayfairhousehotel.com.
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. For additional information visit www.colonyinc.com.