Iconic Miami Beach Hotel Trades for $120M
King Street Real Estate, Westdale Properties and Cedar Capital Partners joined forces to purchase the oceanfront building.
Shelborne South Beach Hotel. Image via Google Street View
A joint venture between King Street Real Estate, Westdale Properties and Cedar Capital Partners has acquired the 275-key Shelborne South Beach Hotel in Miami Beach, Fla., for $120 million.
Located at 1801 Collins Ave., the oceanfront property is within walking distance of The Fillmore concert venue and Miami Beach Convention Center. Shelborne is 5 miles from downtown Miami and 10 miles from Miami International Airport. The asset is also within 5 miles of a 12-story Class A office development scheduled for completion in the second half of 2021.
Completed in 1941, the hotel was originally designed by Igor Polevitzky and updated and redesigned by Morris Lapidus. The property provides 200 guestrooms, 19 suites with penthouse and townhouse options, and more than 30,000 square feet of expanded event space that includes a grand ballroom, an executive boardroom, an outdoor terrace, as well as indoor and outdoor flexible space. The hotel features a beach club, live music venue, spa, fitness center, garden and cafe.
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