Credit Suisse New Owner Of Miami Beach Gansevoort South Hotel

Ganesvoort Hotel Miami Beach lobbyCredit Suisse took ownership of the Gansevoort South Hotel in Miami Beach last Thursday, after a New York auction produced no bidders for the 334 room, trendy South Beach resort. The previous owners, father and son team William and Michael Achenbaum tried, unsuccessfully, to find a buyer for their $89 million outstanding loan, before the foreclosure took place last week. Credit Suisse plans to sell the hotel, which presently carries a $390 million first mortgage.

Michael Achenbaum said that operations at the hotel will remain the same, and that the Achenbaum's company will continue to manage the popular Miami Beach resort. The Gansevoort South has been a hot spot to stoGanesvoort Hotel South Beachp for celebrity party goers such as Fergie and her husband Josh Duhamel, and Lady Gaga, among others.

The hotel's 334 guestrooms average over 730 square feet of living space, and boast spectacular views of the ocean, bay, and city. State-of-the-art technology, and oversized bathrooms with separate shower and bath, are featured in every room of this now bank-owned resort. Any buyers?

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