MIAMI BEACH, FL—A joint venture between King Street Real Estate GP, L.L.C Westdale Properties and Cedar Capital Partners acquired the Shelborne South Beach Hotel here for $120 million.
The seller was New York-based REIT W.P. Carey.
The landmark 275-room hotel is located in the heart of Miami Beach's art deco district. Opened in 1941, the Shelborne was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus, the architect responsible for some of Miami's most glamorous hotels.
"Shelborne South Beach is a unique landmark located in a prime and distinguished Miami Beach district," said David Walch, partner of King Street Capital Management in prepared remarks. "We are excited to have completed this purchase and look forward to working alongside longtime partner Cedar Capital and our new partner, Westdale, to ensure the continued success of this iconic hotel."
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