The Gansevoort Hotel’s sister property in Miami’s South Beach could get a new owner after a creditor scheduled the debt-laden hotel to go to auction next month — less than two years after the Florida hot spot opened.
Credit Suisse is looking to sell an $89 million mezzanine loan that had been guaranteed by the hotel’s owners’ own stake in the hotel.
The Gansevoort South Hotel Residences & Spa, which features a high-end gym and lobby with a giant shark tank, also carries a separate loan valued at $314 million.
The owners, father-and-son developers William and Michael Achenbaum, got the loan at the height of the market, and had plans to open a 259-unit condominium next to the 334-room hotel. Those plans stalled when the market tanked.
The Achenbaums in a statement said they “are currently negotiating in good faith to buy the outstanding debt, thereby retaining ownership.”
The original Gansevoort Hotel in the Meatpacking District is not affected by the trouble in Miami.
