Miami Beach’s iconic Shelborne South Beach Hotel changes owners for $120m
The beautiful Shelborne South Beach Hotel is a Miami landmark. (Photo: Cedar Capital)
Since its opening in 1941, the Shelborne has been a Miami icon. It was recently acquired by a joint venture.
The iconic Shelborne South Beach Hotel in Miami Beach recently came under new ownership.
We find out more about this deal.
A powerful partnership
King Street Real Estate GP, Westdale Properties and Cedar Capital Partners recently acquired the Shelborne South Beach Hotel in Miami Beach, Florida in a joint venture.
King Street Capital Management’s real estate arm, King Street Real Estate, oversees several opportunistic real estate funds. In the past decade, it is reported to have put around $2.5 billion into close to 50 direct real estate deals.
Another JV partner, Westdale Properties, owns, manages and develops real estate projects around Canada and the USA. Their focus is on residential units of which the company boasts over 50,000.
Cedar Capital brought hotel investment expertise to the table since they focus solely on the hotel sector. Since its inception in 2004, it has acquired hotels valued at nearly $4 billion.
The Shelborne South Beach Hotel – a Miami icon
Since its opening in 1941, the Shelborne has been a Miami icon. It was first designed by Igor Polevitzky and later updated and expanded by Morris Lapidus.
Set in the heart of the city’s art deco district, the Shelborne offers 200 guest rooms and 75 apartments. The property also comes with three F&B venues, an outdoor pool, a 24-hour fitness centre and 2,700 sqm (30,000 sqft) of versatile event space.
“Shelborne South Beach is a unique landmark located in a prime and distinguished Miami Beach district,” David Walch, partner of King Street Capital Management, said in a statement.
“We are excited to have completed this purchase and look forward to working alongside long-time partner Cedar Capital and our new partner, Westdale, to ensure the continued success of this iconic hotel.”
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