Süzer, who is the owner of The Ritz-Carlton, Istanbul, had to forfeit the deposit he had put down in March ahead of a deal where he would have won majority ownership of the swanky South Beach hotspot.

Per the terms of the deal, hospitality group SBE would oversee operations and management of the hotel, while Baran’s family business, Süzer Group, would hold majority ownership and fund the property.

Süzer had previously been involved in other potential deals to buy shares of LA’s Sunset Tower and the Miami Setai, which never went ahead.