March 24, 2016

Hyatt Hotels Corp. has agreed to purchase the Thompson Miami Beach hotel on Collins Avenue, which it plans to position as an independent hotel as part of its new brand, the Unbound Collection by Hyatt, it announced yesterday.

"The acquisition of this high-quality hotel allows Hyatt continued strategic growth in a critical market for both the company and for our newest brand, the Unbound Collection by Hyatt," said Stephen Haggerty, Hyatt's global head of real estate and capital strategy. "We are thrilled to expand our presence in Miami Beach, a market in which we have great unmet demand from our guests. The property will have the freedom to establish and maintain its individuality and distinct character while benefiting from the operational excellence and efficiencies that come from being part of Hyatt."

Miami Beach's first skyscraper, the building originally opened in 1940 as the 18-floor Lord Tarleton Hotel. In 1955 it became the Crown Hotel and was later converted into a three-tower apartment building. The property has operated as a Thompson hotel since 2014; in its new iteration it will be known as the Confidante, a name chosen by Hyatt to suggest the notion of a trusted friend providing guests with insider information to make their Miami Beach visit the best it can be.

"The Unbound Collection by Hyatt is all about giving the properties within this brand the freedom to be extraordinary and providing guests with the social currency and story-worthy experiences they crave. The Confidante's rich history steeped in Miami Beach's golden era will do just that," said Maryam Banikarim, global chief marketing officer for Hyatt. "It will provide a playful and sophisticated backdrop, much like a friend's beach house, where guests can get away and relax while enjoying the vibrancy and energy of Miami Beach."

The Confidante will have 380 guest rooms, including 30 suites, as well as two restaurants, two heated swimming pools, direct beach access, a rooftop spa, a full-service salon, an indoor/outdoor fitness experience, in-room dining, a craft cocktail bar, a tropical garden, and approximately 35,000 square feet of indoor and outdoor function space.

Hyatt's acquisition of the hotel is expected to be complete in late April.