MIAMI, April 25, 2016 /PRNewswire/ -- VOS Hospitality, an owner, developer, and manager of boutique and lifestyle hospitality, and its partner The B Group announced the groundbreaking of the historic Greystone Hotel located in Miami Beach. The announcement commences the restoration of the historic Art Deco property, originally built in 1936 and purchased by the partnership in 2012 for $7.5 million. The adjacent building at 230 20th Street, formerly known as Santa Barbara, was subsequently purchased in 2014 for $7 million and will be integrated into the newly redeveloped Greystone Hotel, which is expected to open in the fourth quarter of 2017.
The 92-guestroom Greystone Hotel will become a 56,000 square-foot boutique property in the center of Miami Beach at 1920 Collins Avenue. Shulman + Associates will oversee the architectural design. The first building will retain the original Art Deco façade and historic lobby with modern updates while the second building will be partially restored as a second guestroom tower with a five-story rear addition stepping back each floor to uncover 8 unique private terraces. Plans also include a lush rooftop pool and bar, 140-seat ground floor restaurant, outdoor café, and an undisclosed underground lounge.
"We are excited to begin the restoration of this historical property," said James Vosotas, CEO of VOS Hospitality and Greystone Hotel co-manager. "The building and location have a lot of potential as the epicenter of South Beach continues to move north."
Greystone Hotel will be centrally located and walking distance to the Miami Beach Convention center, upscale shopping on Lincoln Road, beaches, dining, and nightlife venues. The property will welcome locals and international travelers as it recreates the essence of Miami's Golden Era.
For more information and updates on Greystone Hotel, please visit www.greystonehotelmiami.com or follow Greystone Hotel Miami on social media.
ABOUT VOS HOSPITALITY Originally founded in 1981, VOS Hospitality is a lifestyle hospitality owner, developer, and manager strategically refocused in 2012 from its roots as Trans Inns Management. With over 60 hotel transactions in 16 states, both acquisition and development, representing over $700 million and 35 years of hospitality management, our experienced team has consistently outperformed its competitors over numerous business cycles and has a demonstrated ability to maximize investor ROI.
ABOUT THE B GROUP The B Group is a private investment company managed by Branden Muhl that specializes in biotechnology. In 2012, the B Group broadened its mandate to include non-healthcare as well as private investments. As a result, Muhl serves as Co-Manager of The Greystone Hotel Miami redevelopment project in Miami Beach, FL. The B Group has realized annual returns of 33% since its inception in 2006, with a 110% upside capture ratio, 8% downside capture ratio, and 0.34 beta.