SoBe’s foreclosed Shore Club set for June sale

Miami /
May.May 17, 2013 11:00 AM

South Beach’s iconic Shore Club hotel has plunged into foreclosure, the Miami Herald reported, with more than $164 million owed on the property, according to a judgment entered earlier this week. An online sale of the 309-room hotel is set for June 25.

The Herald was unable to reach the hotel’s majority owner, New York-based Phililips International, or LNR, the Miami Beach company that controls the mortgage.

Morgans Hotel Group, a minority stakeholder in the Shore Club, which it operates alongside the Delano and Mondrian in South Beach, said it “remains committed to managing the hotel to the standards our guests have come to expect,” according to the Herald.

Morgans’ Miami hotels saw revenues per available room rise by 13.2 percent to $204.04 in 2012 from $180.32 in the fourth quarter of 2011. The total occupancy rate soared 71.1 percent in the fourth quarter, compared to 64.5 percent in 2011, The Real Deal reported in March.

At the Shore Club, revenue per room has increased 22.3 percent, the company said, while average rates have jumped $21.65 and revenues have increased 15.3 percent. [Miami Herald]Emily Schmall


Related Articles

arrow_forward_ios
Clockwise: 310-318 Northwest 25th Street, Chaim Cahane, Jonathon Yormak and Jon Krasner 
Wynwood developer sells retail property in foreclosure for $12M
Wynwood developer sells retail property in foreclosure for $12M
An aerial photo of Boca Lago Golf & Country Club (Google Maps, iStock)
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
Miami-Dade Mayor Daniella Levine Cava (Getty, iStock)
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Southland Mall in Cutler Bay (Google Maps)
Lender takes control of struggling Southland Mall in Cutler Bay
Lender takes control of struggling Southland Mall in Cutler Bay
(The Tides South Beach via Facebook)
Chetrit’s Tides hotel on Ocean Drive faces $45M foreclosure lawsuit
Chetrit’s Tides hotel on Ocean Drive faces $45M foreclosure lawsuit
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Deepak Khosa and Aaron Kurlansky with 123 Ocean Avenue, Palm Beach Shores (Google Maps, iStock)
Deepak Khosa closes on distressed hotel on Singer Island, plans to convert to multifamily
Deepak Khosa closes on distressed hotel on Singer Island, plans to convert to multifamily
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...