E
lliott Investment Management, led by co-CEOs Paul Singer and Jonathan Pollock, has expanded its South Florida portfolio with a $53 million purchase of The Gates Hotel South Beach in Miami Beach. The 230-room hotel, located at 2360 Collins Avenue, was acquired through an affiliate of the West Palm Beach-based firm. Deutsche Bank provided a loan of $82.5 million to facilitate the deal.

    The seller, an affiliate of Boston-based Rockpoint, had purchased the 1.2-acre site for $12.8 million in 2005 and completed the eight-story hotel a decade later. Elliott plans to renovate and rebrand the property as The Dean Hotel.

    This latest acquisition follows Elliott's entry into the Miami office market with its purchase of 701 Brickell, a 32-story office tower, for $443 million in October. The firm is also backing Tyko Capital, which refinanced a construction loan for 830 Brickell and provided a new loan to developers OKO Group and Cain International.

    Elliott's South Florida expansion comes amidst a flurry of hotel deals in Miami Beach. British billionaire brothers Simon and David Reuben recently acquired the W South Beach for over $400 million, while Barcelona-based Grupo Hotusa purchased Eurostars Winter Haven from Hersha Hospitality Trust for $19.7 million.