The joint venture by SHVO, Bilgili Group and Deutsche Finance, which owns the iconic Raleigh Hotel in Miami Beach, announced the purchase of two adjacent properties: the South Seas Hotel at 1751 Collins Avenue and the Richmond Hotel at 1757 Collins Avenue. The group purchased the Richmond properties, including the Richmond Apartments at 1757 James Avenue and the Richmond Parking Lot at 1832 James Avenue, for $87,850,000 from Patti and Allan Herbert and the South Seas Hotel for $52,000,000 from Majestic Hotel Corp. Renowned art deco architect L. Murray Dixon designed all three oceanfront properties, which together comprise three acres with 217 linear feet of beachfront.
The group has invested nearly a quarter of a billion dollars in Miami Beach this year. In February, the group purchased the Raleigh Hotel, an icon of South Beach art deco known especially for its ornate beachside swimming pool, for $103 million. In today’s transactions, Lotus Capital Partners arranged a $100 million acquisition loan from California-based Acore Capital.
These purchases mark the fourth and fifth joint ventures between SHVO, Bilgili Group and Deutsche Finance. In addition to purchasing the historic Raleigh Hotel, the group purchased 9200 Wilshire in Beverly Hills earlier this year, and in 2018 acquired the office portion of 685 Fifth Avenue in Manhattan, which will become luxury Mandarin Oriental Residences.