South Street Partners (“South Street”), a private equity real estate investment and development firm, headquartered in Charlotte and Charleston, have acquired Solé Miami located in Sunny Isles Beach, Florida.
The property is located in exclusive Sunny Isles Beach, a two-mile “hidden paradise” in North Miami, offering a relaxed coastal escape with sweeping Atlantic views, direct beach access and world-class nightlife and shopping just minutes away in South Beach, Bal Harbour and Aventura. The acquisition is a perfect complement to South Street’s existing hospitality portfolio of exceptional assets located in high-growth, drive-to Southeastern markets.
Located in Sunny Isles Beach, an area often referred to as Florida’s Riviera–featuring high-rise condos, top-tier dining and the popular Newport Fishing Pier–the resort is a modern, 249-key full-service condominium hotel with stunning ocean and city views, managed and operated by Noble House Resorts. Featuring five indoor and four outdoor meeting venues, four on-site food and beverage outlets and a market, fitness center with steam room and sauna, oceanfront pool and beach with umbrellas, private beach service and dune and beach dining. South Street will focus on significantly elevating the resort offerings, with plans for guest room and common area upgrades followed by additional improvements.
“We are pleased to be adding Solé to our South Florida hospitality portfolio, representing our continued conviction in the long-term strength of coastal and beachfront resort real estate,” said Peter Lunenburg, principal of South Street Partners. “The Sunny Isles sub-market of Miami Beach is an attractive target for South Street, representing one of the highest growth RePAR markets in Florida and we are confident that we can deliver exceptional experiences for our guests through continued capital improvement of the asset.”
“Solé Miami represents an exciting opportunity to further elevate one of South Florida’s most naturally compelling beachfront destinations,” said Sean Mullen, president, acquisitions, sales and revenue management Noble House Hotels & Resorts. “Together with South Street Partners, we look forward to building on the resort’s strong foundation while creating an even more vibrant and experience-driven future for guests and team members alike.”
