A joint venture between King Street Real Estate, Westdale Properties and Cedar Capital Partners has acquired the Shelborne South Beach Hotel in Miami Beach, Fla., for $120 million.
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.
David Walch, partner of King Street Capital Management, commented, “Shelborne South Beach is a unique landmark located in a prime and distinguished Miami Beach district. 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.”
