British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

Aventura resort recently completed a $300M renovation and expansion

Miami /
Sep.September 18, 2020 11:30 AM
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

Jeffrey Soffer, Brett Mufson, David and Simon Reuben

Reuben Brothers acquired a 25 percent stake in Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa.

The private equity and investment firm, led by British billionaire brothers David and Simon Reuben, is partnering with Jeffrey Soffer’s Fontainebleau Development on other investments as well, according to a press release. The Reuben family is reportedly the second-wealthiest family in the United Kingdom.

The Turnberry Isle property in Aventura recently went through a $300 million renovation that added 325 new rooms in a 16-story tower, bringing its total to 685 rooms and suites; added event space; upgraded the 36-hole golf course; and added the Tidal Cove Waterpark. The resort was previously called Turnberry Isle Miami.

Fontainebleau Development declined to provide more information about the partnership, and Reuben Brothers declined to provide a dollar amount for its investment.

Fontainebleau’s properties include the Fontainebleau Miami Beach, the Big Easy Casino in Hallandale Beach, Hilton Downtown Nashville, and the Turnberry Ocean Club condo tower in Sunny Isles Beach.

Soffer split from Turnberry Associates, led by his sister, Jackie Soffer, to form Fontainebleau Development in 2019. Earlier this year, Jeffrey Soffer brought on Brett Mufson, formerly at Witkoff, to lead the new company as president.

The firm’s goal is to leverage its platform “to drive the expansion of our various business lines,” Mufson said in a press release about the injection of capital from Reuben Brothers.

In April, Reuben Brothers paid $170 million to buy a New York City retail condo leased to athletic apparel company Puma from SL Green Realty.

Sources told The Real Deal that the British investors are aggressively looking for more deals in New York, hoping to capitalize on falling prices due to the coronavirus pandemic.

Fontainebleau Development has been negotiating forbearance on its $975 million commercial mortgage backed securities loan for the Fontainebleau Miami Beach, the company’s largest hotel. The loan was transferred to special servicing in March, though the hotel maintains it is current on its payments.





    Related Articles

    arrow_forward_ios
    Tal Aventura (Tal Aventura, Getty)
    Aventura officials give thumbs-up to 86-unit condo tower
    Aventura officials give thumbs-up to 86-unit condo tower
    One Thousand Museum (Google Maps, Getty)
    One Thousand Museum closing tops Miami-Dade’s weekly condo sales
    One Thousand Museum closing tops Miami-Dade’s weekly condo sales
    Montford Group' Sunju Patel and Opterra Capital Glenn Alba with 2940 Collins Avenue (Montford Group, Getty)
    Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
    Joseph Chetrit and The Tides South Beach (Getty, The Tides South Beach)
    Chetrit’s lender scores victory in South Beach hotel foreclosure
    Chetrit’s lender scores victory in South Beach hotel foreclosure
    100 Fairway Drive, Deerfield Beach with Ally Visram and Howard Wurzak (Wurzak Hotel Group, Google Maps)
    Wurzak buys Deerfield Beach DoubleTree for $27M
    Wurzak buys Deerfield Beach DoubleTree for $27M
    Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
    Inside RH’s plans for $100M renovation of Miami Beach hotel
    Inside RH’s plans for $100M renovation of Miami Beach hotel
    Moto Capital Group's Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty)
    Toronto firm picks up Ocean Drive hotel for $39M
    Toronto firm picks up Ocean Drive hotel for $39M
    Red South Beach at 3010 Collins Avenue, Tom Assouline and August “Gussie” Busch (Instagram/gussiebusch, Google Maps, Getty)
    Busch family partners with Assouline Capital to buy Red South Beach hotel
    Busch family partners with Assouline Capital to buy Red South Beach hotel
    arrow_forward_ios

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

    Loading...