SOURCE: HFZ Capital Group
NEW YORK, NY--(Marketwired - Jan 7, 2014) - Ziel Feldman, Founder & Managing Principal of HFZ Capital Group ("HFZ"), the real estate investment and development company based in New York City, announced today that, in conjunction with an affiliate of Fortress Investment Group LLC ("Fortress") (NYSE: FIG), HFZ has purchased The Shore Club South Beach ("Shore Club"), the luxury, boutique resort property prominently located at 1901 Collins Avenue in Miami Beach, Florida. Philips International will continue to be involved with the new ownership group.
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.
"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.
About HFZ Capital Group:
HFZ Capital Group is a Manhattan-based real estate investment and development firm with expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development, construction and asset management. HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and has acquired, owned, developed and operated properties across many asset classes, including residential, hotel, retail, sports and entertainment. Ziel Feldman, HFZ's Founder and Managing Principal, has championed the development of mixed-use luxury properties for over 25 years across a broad range of Manhattan neighborhoods with over 12,000 residential units bought, sold and developed. Today HFZ is managing and developing over 3.5 million square feet of Manhattan real estate. The company has a stellar reputation for restoring and preserving historic buildings to their original grace and refinement, as well as ground up developments that deliver architecturally significant properties through collaboration with renowned architects and designers. www.hfzcap.com
About Fortress Investment Group LLC:
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $58 billion in assets under management as of September 30, 2013. Founded in 1998, Fortress manages assets on behalf of over 1,500 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE: FIG). www.fortress.com
About Philips International:
Philips International is a fully integrated real estate development and investment firm specializing in the acquisition, development and management of property in the retail, office, residential and hotel sectors. For over thirty years, Philips International has strategically acquired the most desirable locations and optimized each to their highest and best use. The company portfolio consists of over 200 holdings throughout the continental United States. www.pihc.com