If you are curious about who owns the iconic Fontainebleau Hotel in Miami Beach, the answer lies with one of South Florida’s most prominent real estate families. While the hotel has seen various owners since its 1954 debut, it is currently the crown jewel of Fontainebleau Development, led by Chairman and CEO Jeffrey Soffer.
The Fontainebleau Hotel in Miami Beach is owned by Fontainebleau Development, a premier real estate and hospitality group led by Jeffrey Soffer. The Soffer family originally acquired the property in 2005 through Turnberry Associates, investing over $1 billion to restore its legendary status before Jeffrey Soffer took sole control in 2019.
Key Takeaways
- Current Owner: The hotel is owned by Fontainebleau Development, led by Jeffrey Soffer.
- Acquisition: The Soffer family (Turnberry Associates) bought the property in 2005 from Stephen Muss.
- Clarification: Confusion often arises with the Fontainebleau Las Vegas, which had different past owners (like Witkoff/New Valley) before rejoining the Soffer portfolio.
- Legacy: Ownership has invested over $1 billion in renovations to maintain its luxury status.
Historical Ownership of the Fontainebleau Hotel
The Fontainebleau Hotel has a rich history that mirrors the evolution of Miami Beach itself. Originally built in 1954, it was developed by hotelier Ben Novack. Novack’s vision was to create the most luxurious destination in the world, and for decades, it attracted celebrities, presidents, and the global elite.
However, the property faced financial struggles in the 1970s. In 1978, known real estate developer Stephen Muss purchased the hotel to save it from bankruptcy. Muss is credited with revitalizing the property and stabilizing its operations for nearly 30 years.
In 2005, the narrative shifted again when Turnberry Associates, a real estate firm run by the Soffer family, acquired the hotel. This acquisition marked the beginning of a massive revitalization effort that transformed the resort into the modern icon you see today.
The Role of Fontainebleau Development
Today, the hotel is managed and owned by Fontainebleau Development. This distinction is important because it represents the specific branch of the Soffer family empire dedicated to luxury hospitality.
In 2019, the Soffer siblings, Jeffrey and Jackie, split the assets of Turnberry Associates. Jeffrey Soffer established Fontainebleau Development, taking sole ownership of the Miami Beach hotel. Under his leadership, the corporation drives the hotel’s brand identity, operational strategies, and ongoing expansions.
Strategic Renovations
Fontainebleau Development is responsible for the continuous capital improvements that keep the hotel competitive. This includes the massive $1 billion renovation completed shortly after the 2005 purchase, which restored the hotel’s original Morris Lapidus-designed glamour while adding modern amenities.
Major Stakeholders and the “Las Vegas” Confusion
When researching ownership, you might encounter names like Witkoff Group or New Valley LLC. It is crucial to distinguish between the Miami Beach property and its sister project in Las Vegas.
- Miami Beach: Consistently held by the Soffer family (Turnberry/Fontainebleau Development) since 2005.
- Las Vegas: This project has a complex history. It was sold by Soffer in 2009, acquired by Carl Icahn, and later bought by a partnership involving Witkoff and New Valley in 2017. However, in 2021, Jeffrey Soffer’s Fontainebleau Development, in partnership with Koch Real Estate Investments, re-acquired the Las Vegas property.
For the Miami Beach hotel specifically, the primary stakeholder remains Jeffrey Soffer. While he may leverage partnerships with financial institutions like Goldman Sachs or Koch Real Estate for broader capital ventures, the operational control and ownership title sit firmly with his development firm.
The Impact of Ownership on the Hotel’s Legacy
The stability of the Soffer ownership has been vital for the Fontainebleau’s legacy. Unlike properties that flip between private equity groups every few years, the long-term vision of Fontainebleau Development has allowed for consistent branding.
This ownership stability ensures that the hotel preserves its historical significance—such as the famous “Staircase to Nowhere”—while integrating high-end nightlife venues like LIV and modern culinary partnerships. The owners’ ability to balance heritage with modern luxury trends is what keeps the Fontainebleau a top-tier destination in a competitive market.
FAQs
Who currently owns the Fontainebleau Miami Beach?
The hotel is owned by Fontainebleau Development, a real estate firm led by Chairman and CEO Jeffrey Soffer.
Did the Fontainebleau change owners recently?
The Miami Beach location has been with the Soffer family since 2005. However, ownership structure shifted internally in 2019 when Jeffrey Soffer formed Fontainebleau Development to hold the asset.
Is the Fontainebleau part of Marriott or Hilton?
No, the Fontainebleau is an independent luxury resort. It is not owned by Marriott, Hilton, or other major hotel chains, allowing it to maintain its unique brand identity.
What is the estimated value of the Fontainebleau Hotel?
While exact figures fluctuate, the property is valued at several billion dollars, factoring in its prime oceanfront real estate, 1,500+ rooms, and high-grossing nightlife and restaurant venues.
Does the same owner own Fontainebleau Las Vegas?
Yes, as of 2021. Fontainebleau Development (Jeffrey Soffer) re-acquired the Las Vegas property in partnership with Koch Real Estate Investments, reuniting the brand.
Conclusion
The Fontainebleau Hotel in Miami Beach is defined by the vision of Fontainebleau Development and Jeffrey Soffer. While the property has a history dating back to Ben Novack in the 1950s, its modern success is driven by the Soffer family’s long-term investment. By distinguishing the Miami property from previous volatile transactions in Las Vegas, you can better appreciate the stability that has kept this hotel a legendary icon in South Florida.