B
ritish billionaires Simon and David Reuben are making a significant investment in Miami Beach's hospitality market, seeking majority ownership of the W South Beach for nearly half a billion dollars through their London-based global investment arm, Reuben Brothers. The company is negotiating with current owners Aby Rosen and David Edelstein to recapitalize the hotel portion of the property at 2201 Collins Avenue for over $400 million. Newmark's Doug Harmon is advising on the deal.
The sale would mark Reuben Brothers' entry into Miami-Dade County's booming hotel market, where occupancy rates have risen 3.7% and average revenue per room has increased 2.6% year-over-year. The W South Beach would be their second hotel property in South Florida, following their purchase of the Chesterfield Hotel in Palm Beach for $42 million two years ago.
Rosen and Edelstein's ownership group, RFR Realty and TriCap, respectively, have been involved in a legal dispute over a scuttled buyout and loan repayment. However, they reached a settlement in May after filing dueling lawsuits in New York and Miami-Dade Circuit Court. The W South Beach was co-developed by Tricap in 2009.
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