By: Ismael Rodriguez

The historic Berkeley Hotel in Miami Beach has reopened its doors after a few years of delays in its renovations and construction.

Blue Road, a Miami-based development company, paid a sum of $43 million for renovations, construction and land purchases. The project has led the hotel’s growth from 64 rooms to 96 rooms, as well as incorporated a BLT Steak restaurant in the lobby, a rooftop garden and swimming pool deck overlooking Collins Avenue, according to a press release issued by the company.

“We are delighted to open the Berkeley for our guests, and very proud to include it in our company’s growing portfolio of local hotels,” Jorge Savloff, Blue Road’s co-founder, told the press. “The acquisition and expansion of this signature property reflects our robust optimism about the future of South Beach as a tourism and travel destination, and our long experience in managing the ups and downs of this particular market.”

The Berkeley Hotel, originally built in 1940, had its renovations designed by Art Deco architect Albert Anis, and will be managed by Palma, Majorca, Spain-based Iberostar Hotels & Resorts— marking the first hotel franchised by Iberostar in the U.S.

“While Iberostar may be new to America, it is a very highly respected international brand, and we are quite honored to have the first hotel to be franchised by the company,” Marcelo Tenenbaum, co-founder of Blue Road, told the press.

Blue Road, whose extensive portfolio includes the Redbury South Beach, The Crest Hotel and Hotel 18, bought the Berkeley in 2013 for around $13.78 million before scoring an $18.4 million construction loan from Mercantil Bank to break ground on the property two years later.

They currently own 12 hotels in Miami Beach.