Blackstone Group (BX) agreed to sell the Miami Beach Resort in Florida to Joseph Chetrit for $117 million as part of a debt restructuring in its LXR Luxury Resorts & Hotels unit, a person with knowledge of the deal said.

Chetrit, the New York investor who agreed earlier this month to buy Sony Corp.’s U.S. headquarters in Manhattan, plans to renovate the 424-room oceanfront hotel, said the person, who asked not to be identified because the information is private.

The resort, formerly known as the Doral, once was a renowned venue where entertainers such as Frank Sinatra performed.