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SLS project involves Starck, Kravitz
Lowe Enterprises Investors said it has arranged a $51.2 million senior construction loan for the renovation and conversion of the Ritz Plaza Hotel in Miami Beach, Fla., into the SLS Hotel South Beach. Slated to open next spring, the 142-room luxury boutique hotel will be the second property for sbe’s SLS Hotel group and is jointly owned with CIM Group. The loan was arranged by LEI on behalf of a pension fund client.
CIM and sbe began renovations in early 2011, including the remodeling of all 132 rooms in the existing hotel by designer Philippe Starck, as well as the addition of a 14,500-sq.-ft. pool deck and 10 bungalow suites. Also working on the SLS Hotel South Beach is Lenny Kravitz and his team at Kravitz Design Inc., who will design the penthouse suite and one of the poolside bungalows. The hotel will also offer two of sbe’s restaurants flags—The Bazaar, by chef Jose Andres and Katsuya by Starck—as well as the Hyde Beach lounge.
“The Miami hotel market is experiencing a strong recovery and is among the nation’s top performers in 2011,” said Bleecker Seaman, ceo of LEI. “The SLS Hotel South Beach will benefit from its premier location in the heart of this luxury hotel district, sbe’s innovative management, and the successful and established restaurant and club concepts that it will bring to this renovated and expanded beach front hotel.”
The SLS South Hotel Beach is located at 1701 Collins Ave. in Miami Beach, with 100 feet of beach frontage. Originally built in 1939 by South Beach architect L. Murray Dixon, the SLS Hotel South Beach features a rooftop architectural design depicting a lantern reaching to the sky that is the tallest art deco structure in South Beach.
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