Blue Road, led by Argentine investors Jorge Savloff and Marcelo Tenenbaum, has added 32 rooms to the existing 64 units, as well as a rooftop garden and swimming pool deck that overlooks Collins Avenue.
The hotel at 1610 Collins Avenue, designed by Art Deco architect Albert Anis, will be managed by Spanish operator Iberostar Hotels & Resorts, its first US franchise. It will have a BLT Steak restaurant in its hotel lobby.
The developers bought the site in 2013 for around $13 million. Blue Road's Miami Beach portfolio also includes the Redbury South Beach, The Crest Hotel, CASA Boutique Hotel and Hotel 18.