Miami’s Gansevoort South to Be Auctioned Off

Add Miami’s trendy Gansevoort South to the list of hotels headed for the auction blocks. Credit Suisse has set an auction date of Jan. 28 for the ownership stake used by developers William and Michael Achenbaum to secure an $89 million mezzanine loan on the 334-room oceanfront hotel, according to the Miami Herald.

The father-son team secured the financing for the hotel-condo project at the height of South Florida’s real estate boom, before the collapse of the condo market.