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
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
The Fairwind Hotel and Joseph Chetrit (Getty, Fairwind)
Chetrit Group sells Miami Beach hotel for $42M
Chetrit Group sells Miami Beach hotel for $42M
Renderings of the project Courtesy of Pebb Capital
JV plans high-end offices at old Bancroft Hotel in South Beach
JV plans high-end offices at old Bancroft Hotel in South Beach
JHSF's Fábio Auriemo with Como Metropolitan Miami Beach hotel (Susan Gale Group / One Sotheby’s International Realty)
Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Branden Muhl, James Vosotas and Hotel Greystone at 1920 Collins Avenue, Miami Beach (Google Maps, Mahaska, Trans Inns)
Hotel Greystone to reopen in September amid partnership break-up
Hotel Greystone to reopen in September amid partnership break-up
The 5-to-0 vote last week will prevent property owners in a large chunk of residential South-of-Fifth from converting their buildings into apartment hotels (iStock)
Miami Beach bans new apartment hotels in parts of South-of-Fifth — for now
Miami Beach bans new apartment hotels in parts of South-of-Fifth — for now
arrow_forward_ios

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

Loading...