Owners of the Berkeley Shore Hotel in South Beach closed on an $18.44 million construction loan for the historic Collins Avenue property, which will be managed by Iberostar Hotels & Resorts.
Berkeley Shore LLC, led by Argentine investors Jorge Savloff and Marcelo Tenenbaum, are gut-renovating the 64-room hotel, which was built in 1940. Mercantil Bank is financing the construction, records show.
Design and architecture firm Stantec is handling the renovations, which will cover 45,100 square feet, 96 hotel rooms, a restaurant and the addition of a new 10-story tower with a rooftop garden and pool. It’s slated to open by the end of this year, according to a spokesperson for Stantec.
Art Deco architect Albert Anis designed the hotel at 1610 Collins Avenue, across the street from the oceanfront Loews Miami Beach. Next door to the Berkeley Shore is the new Hyatt Centric, developed by Robert Finvarb last year.
Savloff and Tenenbaum paid an undisclosed amount described as “very close” to the asking price of $13.78 million in September 2013 for the Berkeley Shore. Property records show it sits on an 18,075-square-foot lot.
They also acquired a Miami Beach apartment building on Washington Avenue last year with plans to convert it into a boutique hotel. The duo also completed Bay Harbor Club, the first of 25 new condo buildings announced for the barrier island town of Bay Harbor Islands, last summer.