MIAMI—The Shore Club, a luxury hotel in South Beach, just secured $185 million in refinancing. Carlton Group chairman Howard Michaels arranged the deal.
Shore Club, a legendary 309-room hotel, is morphing itself into a luxury condominium. The new owner, New York-based HFZ Capital Group, is reinventing the 1901 Collins Avenue hotel in Miami Beach, FL.
The Carlton-managed refinancing provides the funding required to reposition the property, revamping it into 85 deluxe residential condos and 100 luxury hotel rooms. The lender was Banco Inbursa, a Mexico-based bank run by Carlos Slim.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
