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Miami Real Estate - Miami Real Estate news

Tuesday, December 7, 2010

The Shore Club in South Beach once again in foreclosure

The Shore Club, a famous hotel in South Beach, has been hit with a foreclosure for the second time this year.

The New York group that owns the iconic hotel, Philips South Beach, fell into foreclosure in March when its lender filed a $126 million lawsuit in federal court. In November it briefly escaped foreclosure when a federal judge ruled that the U.S. District Court was not the proper venue for the complaint.

On November 29 the representative of a commercial mortgage-backed securities (CMBS) fund, JPMCC 2005 CIBC13 Collins Lodging, filed the foreclosure action in Miami-Dade County Circuit Court. Victor Diaz of Miami, who is working with special servicer LNR Properties of Miami Beach, was the attorney once again.

The hotel, located in South Beach at 1901 Collins Avenue, has not made a mortgage payment since 2009, according to data from CMBS analysis firm Trepp LLC.  This Miami commercial real estate property was last appraised a year ago at $86 million.

New York based Philips International is the majority owner of the property, while the Morgans Hotel Group, also based in New York, owns a minority stake and operates the hotel.

Call MLR Realty at: 1-305-673-3303 to speak with a Miami Beach real estate agent that specializes in hotels in Miami Beach or other Miami commercial properties for sale.


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