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fl mhcur BUSINESS BRIEFS 11/23/2004
THE MIAMI HERALD
Copyright (c) 2004, The Miami Herald
DATE: Tuesday, November 23, 2004 EDITION: Final
SECTION: Business PAGE: 1C LENGTH: 74 lines
SOURCE/CREDIT LINE: From Herald Wire Services
BUSINESS BRIEFS
requirements for Miami Beach-related programs.
TIDES HOTEL
Half-million for a room
A hotel-condo developer paid a whopping $588,000 a room to purchase the
trendy Tides hotel in South Beach, the developer said Monday. The deal closed
last week, and the Falor Co. paid $26.5 million for the 45-room Ocean Drive
hotel, company President Robert Falor said Monday.
Even high-end hotel deals rarely hit the $300,000-a-room mark, and several
industry experts said they thought the Falor purchase set a record in South
Florida. Seller Avalon Capital bought the 10-story Tides, which sits at 1220
Ocean Dr., for only $12 million in January.
Falor's purchase price reflects a new strategy in the hotel industry that
has developers selling off individual rooms as real estate investments. Tides
rooms will go for. between $820,000 and $3.2 million, with buyers able to use
the units themselves or share in the rental revenue.
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mhcur TIDES TURNS: HIP HOTEL IS SOLD, WILL GO CONDO 08/19/2004
THE MIAMI HERALD
Copyright (c) 2004, The Miami Herald
DATE: Thursday, August 19, 2004 EDITION: Final
SECTION: Business PAGE: 3C LENGTH: 52 lines
SOURCE/CREDIT LINE: BY DOUGLAS HANKS III, dhanks@herald.com
TIDES TURNS: HIP HOTEL IS SOLD, WILL GO CONDO
Investors will soon be able to own a piece of The Tides, that pricey,
celebrity-friendly and hip hotel in South Beach that once was part of record
mogul Chris Blackwell's resort portfolio.
The Falor Co., which is buying up some of South Florida's most colorful
hotels and then selling off their rooms as condominium units, has signed a
contract to buy,the 45-room hotel for an undisclosed price. Falor will be
selling the rooms as condominiums, a popular investment because owners usually
return the rooms to the hotel's rental pool and collect income on them.
But the condo-hotel market has ballooned to the point that there are
worries it is flooded. Falor is a leader in the trend, having bought into the
Cheeca Lodge in Islamorada and the Mayfair House hotel in Coconut Grove. Both
are in the process of selling rooms to investors.
Falor, which claims both Miami and Chicago as its headquarters, has also
bought South Beach's Breakwater and Edison hotels and plans to convert those
properties into condo-hotel operations, too, Falor said in a news release
issued Wednesday.
pa
« _
•
Gregory Rumpel, a hotel broker with Jones Lang LaSalle, who helped put
together Falor's Cheeca Lodge deal, said the concerns about a glut of
hotel-condo units are real. But he said demand will remain strong for prime
locations, including the Tides - which faces the Atlantic at 1220 Ocean Dr.
"I don't think there is a ceiling to this stuff, " Rumpel said. "Because
they're not making any more of it. "
The Tides rooms, which average 600 square feet, will sell for between
$725,000 and $850,000, said Falor President Robert Falor. The $3,000-a-night
penthouse suite (celebrity sights there: Jennifer Lopez, Harrison Ford, Lauren
Hutton, Pharrell Williams, Nelly) will carry a $1.9 million price tag.
Falor said he expects some of the celebrity regulars at the hotel will opt
to buy rooms of their own - in part because there are only so many people who
have that kind of money.
"There's not that many people who can afford $800,000 [for a] second,
third or fourth home, " he said.
Rooms at the Tides top out at $550 a night during the winter, according to
General Manager David Moth. It used to be owned by Island Outpost, the
Blackwell company that bought up Art Deco hotels in South Beach and helped
spark the area's emergence as a hip tourist destination.
Blackwell began selling off his hotels in recent years. Avalon Capital, a
San Diego-based investor that also bought Blackwell's Kent Hotel, purchased
the 10-story Tides for $12.1 million in January, according to property
records, after taking over the property in July 2003.
The sale is scheduled to close in October. Diana Cheng, the commercial
broker named in the press release as handling the deal, declined to comment
through a spokeswoman. Condominium sales would begin in November.
KEYWORDS:
TAG: 0408200067
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mhcur MIRAMAR APARTMENTS TO BECOME CONDOMINIUMS 05/17/2004
THE MIAMI HERALD
Copyright (c) 2004, The Miami Herald
DATE: Monday, May 17, 2004 EDITION: Final
SECTION: Business Monday PAGE: 5G LENGTH: 73 lines
SOURCE/CRE1IT LINE: Herald staff
MEMO: SUNSHINE BRIEFS
REAL ESTATE
SOUTH BEACH HOTELS TO BECOME ONE
South Beach's Edison and Breakwater hotels would be combined into a single
property and possibly converted into a hotel-condo hybrid by a Chicago-based
developer.
The Falor Cos., which is transforming Islamorada's Cheeca Lodge and Coconut
Grove's Mayfair hotel into hotel-condos, has signed agreements to buy the
adjoining boutique hotels, said President Robert Falor.
The sale is scheduled to close in about two months. Executives at both
hotels confirmed the separate agreements.
- DOUGLAS HANKS III
TV channel and associated websites.
"Teaming two powerhouse brands that cater to kids is a powerful
combination and is one we think will distinguish both brands from the clutter
in today's overly saturated kids market, " said Melissa Quinoy, senior vice
'a
president of international marketing partnerships Latin America for MTV
Networks.
Nickelodeon Latin America will begin airing Mattel's animated series My
Scene, based on Mattel's My Scene dolls, in the fall.
- CHRISTINA HOAG
RETAIL
JEWELER FEATURES STARS IN AD CAMPAIGN
Levinson Jewelers wants to encourage consumers to "Live Life . . . .
Levinson Style. "
The Plantation jeweler's new advertising campaign features 11 South Florida
celebrities - including Miami Dolphins quarterback Dan Marino, Florida Marlins
outfielder Jeff Conine, restaurateur Steve Martorano and hotelier Linda Gill -
making a statement about their personality through the Levinson jewelry and
watches they wear.
- ELAINE WALKER
KEYWORDS:
TAG: 0405210500
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mhcur RITZY LODGE TRANSITIONS TO HOTEL-CONDO HYBRID 02/10/2004
THE MIAMI HERALD
Copyright (c) 2004, The Miami Herald
DATE: Tuesday, February 10, 2004 EDITION: Final
SECTION: Business PAGE: 1C LENGTH: 43 lines
SOURCE/CREDIT LINE: By CARA BUCKLEY, cbuckley@herald.com
DATELINE: KEY WEST
RITZY LODGE TRANSITIONS TO HOTEL-CONDO HYBRID
The new owners of Cheeca Lodge & Spa, the upscale Islamorada resort where
George H.W. Bush holds his annual bonefish tournament, completed the sale of
eight new condominiums last week.
The sale finishes the first leg of the conversion of nearly half of the
resort's 202 rooms into luxury condos, a strategy to recoup Cheeca's $34.5
million cost.
Cheeca Holdings, a partnership of Johnson Resort Properties and The Falor
Cos., finalized its purchase of the 27-acre oceanfront resort from Olympus
Real Estate Partners last May. The new owners subsequently put $13.5 million
toward renovating the main lodge and converting 96 rooms into condo-hotel
units that owners can rent to hotel guests.
Despite Monroe County's strict development restrictions, Cheeca Holdings
did not need governmental approvals to execute the conversion because the
condos still function as hotel rooms, said Don Horton, Islamorada's building
services director. Cheeca Holdings pulled the necessary building permits for
the renovations, Horton said.
Opened in 1946 and home to a 1,100-foot private beach, multiple restaurants
and a nine-hole designer golf course, Cheeca Lodge attracts the likes of the
Bush family, retired Gen. Norman Schwarzkopf and golf legend Jack Nicklaus.
During peak season, its hotel rooms fetch $550 on average per night.
Selling condo units that can be lent to transient guests in hotels is
gaining currency in the hospitality industry because it allows developers to
recoup their capital up front. The Ritz-Carlton Key Biscayne and Miami Beach's
upcoming Canyon Ranch and Fontainebleau III are among the spate of new South
I&
I
Florida resorts that sell condo-hotel units.
At Cheeca, 12 eight-unit buildings inland are being refurbished with new
roofs, dark woods, marble bathrooms and plasma television sets. Each unit will
sell for between $495,000 and $1.44 million, said Robert Falor, president of
the Chicago-based Falor Cos.
With sales of the first building's eight units now complete, renovations of
the second building will begin shortly, and Falor expects all 96 units to be
sold within the next six months.
KEYWORDS:
TAG: 0402120058
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