A joint venture between Ziel Feldman's HFZ Capital Group an affiliate of Fortress Investment Group LLC has acquired the historic Shore Club hotel in South Beach from Philips International for $175.3 million, or about $544,000 per room. The acquisition, one of the most expensive hospitality deals in the South Florida market, was financed in part with the assumption of an existing $161 million loan held by a group of lenders led by Fortress Credit Corporation and a new $12 million loan from the same group of lenders, according to a CoStar report. Philips International will continue to be involved with the new ownership group, and Morgans Hotel Group will continue to manage guest operations at the property.
"We have an extraordinary, once-in-a-lifetime opportunity to re-imagine and reposition a world-class property in a market that has seen continued demand for luxury properties," said Ziel Feldman, Founder and Managing Principal of HFZ, in a press release this week. "The development of oceanfront real estate on South Beach has been fueled by an expanding market for business and tourism, accessibility to international airports and year-round warm weather," he added.
"With ongoing demand from domestic and international buyers for prime South Beach properties and with Miami Beach's increasing global significance as a tourist destination, we expect the luxury residential and hospitality markets to continue their dynamic growth," added Nir Meir, Principal and Managing Director of HFZ.
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