LOS ANGELES – November 16, 2011--Lowe Enterprises Investors announced today that it has arranged a $51.2 million senior construction loan for the renovation and redevelopment of the historic former Ritz Plaza Hotel in Miami Beach, Florida into the SLS Hotel South Beach. Planned to open in Spring 2012, the 142-room luxury boutique hotel will be the second property for sbe’s SLS Hotel group and is jointly owned with CIM Group. The loan term is for three years with two one-year options and was arranged by LEI on behalf of a pension fund client.
CIM and sbe began renovations in early 2011, including the remodeling of all 132 rooms in the existing hotel by acclaimed designer Philippe Starck as well as the addition of a 14,500-square-foot pool deck and 10 bungalow suites. The SLS Hotel South Beach will offer two of sbe’s most popular restaurants, The Bazaar by award-winning chef Jose Andres and Katsuya by Starck as well as the Hyde Beach lounge.
“The Miami hotel market is experiencing a strong recovery and is among the nation’s top performers in 2011. The SLS Hotel South Beach will benefit from its premier location in the heart of this luxury hotel district, sbe’s innovative management, and the successful and established restaurant and club concepts that it will bring to this renovated and expanded beach front hotel,” said Bleecker Seaman, CEO of LEI. “We have a long history with hotel investments which allows us to fully understand all of the aspects of the property from costs for the redevelopment to marketing and management plans which is a significant benefit in evaluating and issuing this financing.”
Joining Starck as a collaborator on SLS Hotel South Beach is Lenny Kravitz and his team at Kravitz Design Inc., who will design the penthouse suite and one of the poolside bungalows. Chef Jose Andres, as the SLS Hotels Culinary Director, has re-invented The Bazaar experience for South Beach, blending influences from local flavors while featuring an array of pioneering culinary concepts. SLS Hotel South Beach also will include the seventh location of Katsuya by Starck from Master Sushi Chef Katsuya Uechi. Elevating the landscape for Japanese dining experiences in South Beach, Katsuya by Starck will offer a menu of traditional Japanese cuisine, the freshest sushi and sashimi, and a selection of fire-grilled Robata dishes.
The property will also include the fifth location of sbe’s renowned Hyde Lounge brand. Known as Hyde Beach, the venue will feature 8,000 square feet of indoor/outdoor lounge amenities emptying onto the sand just steps from the Atlantic Ocean.
The SLS Hotel South Beach is located at 1701 Collins Avenue in Miami Beach, Florida with 100 feet of beach frontage. Originally built in 1939 by renowned South Beach architect L. Murray Dixon, the SLS Hotel South Beach features a rooftop architectural design depicting a lantern reaching to the sky and is the tallest art deco structure in South Beach. For more information on SLS Hotel South Beach please visit www.slshotels.com/southbeach.