JV acquires Miami Beach, Fla., hotel for $120M

A joint venture between King Street Real Estate GP, Westdale Properties and Cedar Capital Partners acquired the Shelborne South Beach Hotel in Miami Beach, Fla. The property offers 275 accommodations, including 200 hotel guestrooms.

The hotel is located in the heart of Miami Beach’s art deco district. It features more than 30,000 square feet of event space, three food-and-beverage venues, an outdoor heated pool and a 24-hour fitness center. Opened in 1941, it was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus.

“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 longtime partner Cedar Capital and our new partner, Westdale, to ensure the continued success of this iconic hotel.”

King Street Real Estate, the real estate investment arm of King Street Capital Management, manages several opportunistic real estate funds. Over the past 10 years, it has invested approximately $2.5 billion in nearly 50 direct real estate transactions.

Westdale Properties owns, manages and develops real estate across the United States and Canada with a core business of more than 50,000 residential units.

Cedar Capital focuses exclusively on hotel investment. Since its inception in 2004, its principals have acquired hotels with a value of nearly $4 billion.