Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour

Qatar-based Al Rayyan Tourism Investment Company paid $213M for the hotel in 2014

Miami /
Nov.November 30, 2020 03:30 PM
Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)

Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)

UPDATED, Dec. 2, 9:25 a.m.: British billionaire brothers David and Simon Reuben are picking up the senior loan behind the St. Regis Bal Harbour resort, as the hotel market continues to struggle.

Their private equity and investment firm, Reuben Brothers, acquired the $132 million mortgage from Mack Real Estate, according to a spokesperson for Reuben Brothers.

Tarek El Sayed, CEO of Al Rayyan Tourism Investment Company

Tarek El Sayed, CEO of Al Rayyan Tourism Investment Company

Qatari firm Al Rayyan Tourism Investment Company owns the 27-story oceanfront luxury condo-hotel, which has 192 keys and 24 condo-hotel units. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014. That deal that broke down to more than $1 million per room.

The loan from Mack Real Estate, issued in August 2018, has a four-year term with a one-year extension option.

Cushman & Wakefield’s Adam Spies, Jared Kelso, Dan O’Brien and Steve Michaels represented Mack Real Estate in this latest note sale.

It comes as hotels across the country have been struggling to stay afloat, with many agreements between borrowers and their lenders having expired.

Reuben Brothers has seen opportunity in that sector, aggressively investing in luxury hotels in New York, South Florida and Europe throughout the pandemic. Through its private equity firm, the Reuben family, reportedly the second-wealthiest family in the United Kingdom, recently acquired a minority stake in Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa in Aventura.

The investors are also partnering with Soffer’s Fontainebleau Development on other investments as well. In Los Angeles, the British investors provided Michael Rosenfeld’s Woodridge Capital with $275 million in senior mezzanine debt for the Century Plaza megaproject.





    Related Articles

    arrow_forward_ios
    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
    Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
    Coral Gables closing tops Miami-Dade’s weekly condo sales
    Coral Gables closing tops Miami-Dade’s weekly condo sales
    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
    Electra America's Joe Lubeck with rendering of Southplace City Center (Electra America)
    Electra America JV plans $1B mixed-use redevelopment of Southland Mall
    Electra America JV plans $1B mixed-use redevelopment of Southland Mall
    arrow_forward_ios

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

    Loading...