LOS ANGELES – June 10, 2015 – CIM Group announced today the sale of the SLS South Beach, a 140-room luxury boutique hotel in Miami Beach, Florida jointly owned with sbe, the Los Angeles-based creative hospitality company.
CIM and sbe redeveloped the former Ritz Plaza Hotel, a historic art deco 13-story building, overseen by prominent designer Philippe Starck, to create the desirable SLS Hotel South Beach. The redevelopment included 124-rooms located in the historic tower, a separate building with 10 villas, six bungalows, and the addition of a 14,500-square-foot pool deck as well as sbe’s popular restaurants, The Bazaar by award-winning chef Jose Andres and Katsuya by sushi chef Katsuya Uechi, and the Hyde Beach lounge.
The SLS South Beach, located at 1701 Collins Avenue with 100 feet of beach frontage, opened in June 2012. 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.
Since January, including the SLS South Beach, CIM has sold assets totaling 570 residential units, 1,048 hotel rooms and approximately 1,420,000 square feet of retail space.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area Bethesda, Maryland, and Dallas, Texas. For more information, please visit www.cimgroup.com.