Ocean Drive has a new address. Well, an old one that has been redone. The Betsy, a 64-room hotel, touted as "understated elegance," opens this March on the famed South Beach strip after a massive renovation. The scene: Think tropical colonial décor brought out by antique wooden shutters, potted palms and Ivory-colored Fortuny Sheherazade chandeliers. Rooms are said to be airy and dressed up by a crisp white color palette. Rooms are further accentuated by one of four different nature-inspired color schemes: fields of lavendar in Provence, sunbathed Tuscan ochre, vibrant red coral or fresh Spring green. Rates range from $400 to $750; suites begin at $1,110. For its grand opening, the hotel is offering a promotion for the entire month of April where two nights booked will garner a third night free. [Map]