The Shore Club’s new owner, New York-based development and investment firm HFZ Capital Group, plans to extensively ramp up the luxury offerings of the iconic hotel.
“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,” HFZ founder Ziel Feldman said in a statement.
The $175.3 million sale of the 309-room building at 1901 Collins Avenue was the priciest one for a South Florida hotel last year, The Real Deal reported last week.
Philips International, which had a majority stake, will continue to have a stake in the new ownership entity. [Miami Herald] — Mark Maurer