MIAMI, January 20, 2015—The Miami HEAT announced today that it has inked a partnership with CGI Merchant Group (CGI) through the summer of 2016. CGI, a private equity asset management firm, acquired a 56-room hotel at 1100 Biscayne Boulevard, just blocks from the AmericanAirlines Arena. The hotel is set to undergo a $21 million renovation that will operate under the name ME by Meliá. CGI has invested $74 million in the property, which will also feature the renowned STK Rebel Steakhouse. Slated to open this fall, ME by Meliá will be the preferred hotel of the Miami HEAT and AmericanAirlines Arena.
“Through CGI’s various local real estate projects, the Miami area, namely downtown, takes yet another step toward cementing its reputation as a world-class travel and entertainment destination,” said Eric Woolworth, President of The HEAT Group’s Business Operations. “We're happy CGI joins our family of partners and we welcome them to the neighborhood with open arms.”
“The opening of the first ME by Meliá Hotel in the United States is indicative of CGI Merchant Group’s commitment to enhancing the Miami skyline and contributing to the luxury flair of the Biscayne corridor – something our partnership with The HEAT Group wholeheartedly reflects,” said Raoul Thomas, CEO, CGI Merchant Group. “This high-end property will boast 129 renovated rooms, two rooftop pool areas, and a state-of-the-art spa facility all synonymous with Meliá Hotels’ signature properties worldwide.”
CGI’s partnership with the Miami HEAT will consist of in-game promotions and advertising along with local community events and programs. In addition to the ME by Meliá Hotel property, CGI is currently spearheading the renovation of other South Florida properties including 55 Miracle Mile in Coral Gables and Wellington Commons in West Palm Beach.
For more information on CGI Merchant Group, its investment properties and opportunities, visit www.cgimg.com.
About CGI Merchant Group
CGI Merchant Group (CGI) is a private equity asset management firm advising and connecting its client group with a diverse array of investment opportunities. Through strategic and effective financing, CGI increases the value of its assets on commercial real estate and infrastructure investments. The investments are converted into high-quality luxurious properties increasing asset value. CGI manages more than $400 million in capital and has a specific focus on real estate properties in the South Florida area. Founded in 2006 by Raoul Thomas, CGI has offices in Miami, New York and Chicago.