Michaels of The Carlton Group arranges sale of Shore Club South Beach

According to Ziel Feldman, founder and managing principal of HFZ Capital Group, the real estate investment and development company based in New York City, in conjunction with an affiliate of Fortress Investment Group LLC, HFZ has purchased The Shore Club South Beach, the resort property located at 1901 Collins Ave. Philips International will continue to be involved with the new ownership group. Carlton Group chairman Howard Michaels arranged the transaction. Shore Club, known worldwide for its fresh modern vibe, is currently a 309-key luxury hotel including a tower addition designed by world-renowned, British architect David Chipperfield. It sits on nearly three acres of prime oceanfront real estate and is arguably the only remaining large-scale unencumbered property available to be repositioned and rebranded in the immediate area. In close proximity to the excitement and shopping of Ocean Drive, the Art Deco District, the Lincoln Road retail corridor and South Beach nightlife, Shore Club also enjoys one of the widest beach frontages on South Beach and breathtaking views of Miami Beach. "We have an extraordinary, once-in-a-lifetime opportunity to re-imagine and reposition a world-class property in a market that has seen continued demand for luxury properties," said Mr. Feldman. "The development of oceanfront real estate on South Beach has been fueled by an expanding market for business and tourism, accessibility to international airports and year-round warm weather," he noted. This transaction was the most expensive involving a South Florida hotel in 2013. "With ongoing demand from domestic and international buyers for prime South Beach properties and with Miami Beach's increasing global significance as a tourist destination, we expect the luxury residential and hospitality markets to continue their dynamic growth," added Nir Meir, Principal & Managing Director of HFZ.