Miami-Based Investors Including Alex Rodriguez Purchased a South Beach Hotel

August 5, 2021

Alex Rodriguez with a Miami-based investor group recently purchased a South Beach hotel located directly on Ocean Drive. The investors, also known as CGI Merchant Group is an international management firm that focuses on real estate investments and private equity. The purchase was officially announced Wednesday.

The Celino South Beach, located at 640 Ocean Drive was originally built in 1937 and has been named the largest hotel complex on Ocean Drive. The deal itself was financed through CGI’s Hospitality Fund of $650 million. The purchase price is still unknown.

Going forward, all CGI hotel properties will hold the Hilton brand. The Celino South Beach comprises of 132 rooms which include 26 penthouse suites.

According to the CGI founder, “We are thrilled to be part of the Miami Beach family and to partake in the reinvention of Ocean Drive. We look forward to helping the area reach its full potential and sharing how it reflects our vision for the hospitality industry. ”

The Celino South Beach was renovated in 2019 is expected to reopen in the fall of 2021. Its sister property, The Gabriel Miami located at 1100 Biscayne Blvd has recently reopened.

CGI was originally founded in 2006 and has invested in multiple Miami mixed-use properties including 3480 Main Highway, 550 Biltmore Way, and 55 Miracle Mile.