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SoBe’s foreclosed Shore Club set for June sale

South Beach's celebrity Shore Club hotel
South Beach's celebrity Shore Club hotel

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.

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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

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ForeclosuresHotels