shore club

The Shore Club Goes Delinquent On Its Mortgage

Could we be seeing another hotel in trouble? The WSJ's Developments blog says that The Shore Club in Miami Beach has gone delinquent on its $111.5 million securitized mortgage. The mortgage has a special server Cerberus Capital Management LP's LNR Partners Inc. which has reported that father and son developers Philip and Michael Pilevsky had withdrawn a threat to close the hotel after the mortgage server agreed to fund basic expenses including payroll from the mortgage's reserves. According to credit-research company Trepp LLC, the Shore Club's mortgage is 30 days delinquent this month. The hotel also owes another $11.5 million in separate debt besides the mortgage.

A renovation of the hotel is in progress and a spokesperson for Philip and Michael Pilevsky said there is a disagreement between the owner and the loan servicer about what the servicer is responsible for funding. The hotel went through a renovation in 2001 and was appraised for $176 million in 2005, when the owners mortgaged it at the peak of South Florida prices. That number might be a bit lower now. The Shore Club has 322 rooms and a spa but is more famous for its Nobu sushi restaurant, several night clubs and its enviable beachfront pool area. Tourism has been down in Florida overall and the hotel has seen occupancy fall this year. The hotel remains open and is currently offering a deal that includes overnight accommodations, priority seating at Skybar and a bottle of either Perrier Jouet Grand Brut or SKYY Vodka on arrival for $325.

Source

Tags: hotels in trouble, HotelsInTrouble, miami, shore club, ShoreClub

Morgans to Open Ames in Boston This Fall

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Travel & Hotels

The Morgans Hotel Group, which in addition to the ultra-chic Morgans in New York also owns the Royalton, Hudson, St. Martins Lane, Clift, and Shore Club, will open its newest property dubbed the Ames this fall in central Boston. Described as "Benjamin Franklin meets a supermodel", designed by Rockwell Group in collaboration with the Morgans' design team, the Ames is "a rich blend of "historical ingenuity and innovative and awe-inspiring modernism," as well as a mix of "old-world aesthetics and contemporary luxury, and of dedicated homage to history and forward-thinking innovation." Housed in a 19th-century Romanesque building (above) formerly operated as the headquarters for the Ames tool company, the 113-room hotel offers 95 guest rooms, one apartment and six deluxe one-bedroom suites as well as the Woodward, a luxe new restaurant-bar concept.

Tags: Ames, Boston, hotel, Morgans, Morgans Hotel Group, MorgansHotelGroup, Shore Club, ShoreClub

Skybar Miami's Cool New Cocktails

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Travel & Hotels, Spirits

The poolside Skybar at the luxe Shore Club in Miami Beach (above) has revamped their chic cocktail menu in time for the Mercedes-Benz Fashion Week swimwear shows (check out a sizzling slideshow of bathing beauties here). The indoor/outdoor oasis, which is comprised of four different settings - the Redroom, Redroom Garden, Sandbar, and the Rumbar, which has 75 different varieties of rum - is intertwined with lush gardens ad secret passageways. Check out the gallery for photos and recipes of the new libations, but you'll have to actually go there to get the special Skybar Bento Box prepared by the Shore Club's own branch of Nobu.

Gallery: Skybar Miami Cocktails