Shore Club faces foreclosure action

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Not even the hotels are safe from foreclosure in Miami. A foreclosure
action was filed last week against Philips South Beach, owner of the
Shore Club on Collins Avenue. The 309-unit hotel has been facing the
prospect for several months after first being delinquent on its mortgage in October. Bookings had already fallen 40 percent
in the spring and summer of 2009. The plaintiff is Collins Lodging,
which represents a commercial mortgage-backed security serviced by LNR
Partners, a Miami Beach property investment firm. It is one of three
Morgans Hotel Group properties in Miami, along with the Mondrian and
the Delano, although Morgans was not named as a defendant in the suit,
which was filed in Miami-Dade County Circuit Court. [SFBJ]