Shore Club hotel owner redeems $164M foreclosure

Shore Club hotel
Shore Club hotel

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.

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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