MIAMI (February 19, 2020) – Holland & Knight advised King Street in multiple joint ventures in connection with the $120 million purchase of The Shelborne South Beach condo-hotel in Miami Beach consisting of 221 hotel rooms from W.P. Carey Inc., a New York-based real estate investment trust, and the acquisition of 30 additional condo units for an additional $20 million. The deal closed on January 31.
The joint venture that acquired the property includes Holland & Knight client and real estate investor King Street Real Estate GP LLC, the real estate arm of the $20+ billion global investment management firm King Street Capital Management LP., with offices in New York, London, Singapore, Tokyo and Charlottesville, VA; Canadian based property developer and owner Westdale Properties; and London based hospitality firm Cedar Capital Partners.
Opened in 1941, The Shelborne South Beach is an art deco-style condo-hotel with 275 total units. The hotel, which was recently renovated, is located at 1801 Collins Ave.
Holland & Knight Partner Steven Lear, who heads up the firm's national Joint Venture practice, and Missy Turra, who leads the firm's Southeast Real Estate practice and co-chairs the firm's Condominium Development Team, led the firm's representation of King Street in the joint ventures and due diligence on the property. They were assisted by Partners Stephen Sandiford, Tracy Slavens and Mark Melton, Consulting Counsel Stacy Watson May, and Associate Eliona Jankulla.
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