The Real Deal New York

With Chetrit funding, former Morgans execs take over South Beach hotel

November 14, 2011 01:34PM

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From left: Ed Scheetz and Ben Pundole of King & Grove Hotels and the Tides Hotel
With funding from the Chetrit Group, two former Morgans Hotel executives are taking over a South Beach hotel, Hotel Chatter reported.

King & Grove Hotels, a boutique hotel brand founded by the former CEO of Morgans, Ed Scheetz, and Ben Pundole, Morgans’ former director of entertainment, took over the Tides Hotel on Ocean Drive in South Beach. The LLC that took over the hotel, named CG Tides, is headed by Joseph Chetrit.

“By partnering with King & Grove, we are confident that our plans to rejuvenate the Tides and establish it as the preeminent luxury resort on Ocean Drive will be realized,” Joseph Chetrit said in a statement.

The Chetrits gave King & Grove money to expand their portfolio, which to this point was known for two small Hamptons properties, the Surf Lodge and Ruschmeyer’s. [HotelChatter]

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