MIAMI BEACH, FLA. — CIM Group has sold the SLS South Beach, a 140-room luxury boutique hotel in Miami Beach for $125 million. The hotel was jointly owned with sbe Entertainment, a Los Angeles-based hospitality company.
According to the South Florida Business Journal, the buyer is 1701 Miami Owner, a company affiliated with Daniel Tain and Marco Ferri, based in Guernsey, an island in the English Channel off the coast of Normandy.
CIM and sbe redeveloped the former Ritz Plaza Hotel, a 13-story building, to create the SLS Hotel South Beach, which opened in June 2012. Designer Philippe Starck oversaw the redevelopment, which included 124 rooms located in the historic tower, a separate building with 10 villas, six bungalows, and the addition of a 14,500-square-foot pool deck. Other renovations included the addition of restaurants such as The Bazaar and Katsuya.
The SLS South Beach, located at 1701 Collins Ave. with 100 feet of beach frontage, was originally built in 1939 by South Beach architect L. Murray Dixon. The SLS Hotel South Beach features a rooftop architectural design depicting a lantern reaching to the sky. It is the tallest art deco-style structure in South Beach.
Since January, including the SLS South Beach, CIM has sold assets totaling 570 residential units, 1,048 hotel rooms and approximately 1.4 million square feet of retail space.
CIM Group is a real estate and infrastructure investment firm that has invested in densely populated communities throughout North America since 1994. Headquartered in Los Angeles, CIM maintains regional offices in New York, San Francisco, Bethesda, Md., and Dallas.
— Haisten Willis