Westdale, King Street and Cedar Capital’s $120 Million Acquisition of Shelborne South Beach Hotel

Holland & Knight advised King Street in the transaction.

A joint venture between Westdale Properties, King Street Real Estate GP, L.L.C, and Cedar Capital Partners executed the acquisition of the Shelborne South Beach Hotel in Miami Beach, Florida for $120 million.

The landmark 275-room hotel is located in the heart of Miami Beach’s famous art deco district, at 1801 Collins Ave. Opened in 1941, the Shelborne was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus.

Toronto-based Westdale has owned, managed and developed real estate across Canada and the United States for over 65 years.

King Street Real Estate is a global investment management firm founded in 1995, with over $18 billion of assets under management across closed-end real estate, global and European hedge fund strategies, and CLOs.

Cedar Capital focuses exclusively on investment in the hotel industry. The firm, which was founded in 2004, invests in lifestyle, full service and luxury hotels.

Holland & Knight Partner Steven Lear, who headed up the firm’s national Joint Venture practice, and Missy Turra (Picture), who led the firm’s Southeast Real Estate practice and co-chairs the firm’s Condominium Development Team, led the firm’s representation of King Street in the joint ventures and due diligence on the property. They were assisted by Partners Stephen Sandiford, Tracy Slavens and Mark Melton, Consulting Counsel Stacy Watson May, and Associate Eliona Jankulla.

Involved fees earner: Eliona Jankulla – Holland & Knight; Steven Lear – Holland & Knight; Mark Melton – Holland & Knight; Stephen Sandiford – Holland & Knight; Tracy Slavens – Holland & Knight; Melissa Turra – Holland & Knight; Stacy Watson May – Holland & Knight;

Law Firms: Holland & Knight;

Clients: King Street;


Author: Ambrogio Visconti