The owner of South Beach’s iconic Shore Club hotel redeemed a $164.1 million foreclosure last week, according to a court docket cited by the South Florida Business Journal.
The redemption prevented the June 25 online foreclosure sale, by which Philips South Beach LLC would have lost the property. There was more than $164 million owed on the 309-room hotel, located at 1901 Collins Avenue in Miami Beach, as previously reported.
LNR Partners, the Miami Beach company that controls the mortgage, won a foreclosure judgment on the property last month, as previously reported. Philips had stopped making payments on a $121.8 million mortgage, according to the foreclosure case mentioned in the article. [South Florida Business Journal] – Mark Maurer