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Years After the Process Began, Foreclosure Finally Comes for
South Shore Club in South Beach, Miami, Florida

Online Sale Set for the 309-room Hotel Operated by Morgans Hotel Group
with Majority Owner Philips International

By Hannah Sampson, The Miami HeraldMcClatchy-Tribune Regional News

May 17, 2013--Years after the process started, a final judgment of foreclosure was entered Monday against the owners of the Shore Club on Miami Beach.

Once a celebrity hangout, the hotel at 1901 Collins Ave. struggled during the recession and failed to recover its financial footing. According to the foreclosure judgment, which was recorded Monday, more than $164 million is owed on the property.

An online sale of the 309-room hotel has been set for June 25.

No one at Philips International, the New York-based majority owner of the hotel, could be reached for comment. Representatives for LNR, the Miami Beach company that controls the hotel's mortgage, could not provide more information late Thursday.

Morgans Hotel Group, which operates the Shore Club as well as the Delano and Mondrian in South Beach, released a statement saying that it "remains committed to managing the hotel to the standards our guests have come to expect." Morgans also holds a minority interest in the hotel.

Morgans described the hotel as a "premier property that continues to perform well," citing improved performance through April 30 compared to the previous year. Per-room revenue has increased 22.3 percent, the company said, while average rates have jumped $21.65 and revenues have increased 15.3 percent.


(c)2013 The Miami Herald

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