UK real estate investment and management firm Henley Investments has partnered with U.S. hospitality startup Life House to purchase a Lord Balfour Hotel in metro Miami.

The Henley and Life House partnership paid $34.7 million to Green Comet LLC to acquire the 81-key hotel, which is located at 350 Ocean Drive in Miami Beach’s South of Fifth neighborhood.

Life House will initially manage the hotel under its historic name and plans to fully renovate all guest rooms, suites and public spaces, as well as build a fitness center and yoga studio.

Upon completion of the renovations, the property will be renamed Life House Ocean Drive and will join Henley Investments' current list of lifestyle hotels in Miami.