The Shore Club Hotel in trouble

Please say it isn’t so! The Shore Club is one of my fave getaways when Rick and I want to go out and venture to South Beach.  The chic atmosphere and people watching is beyond this world and for our friends that stay at the Shore Club Hotel when they are in town, the concierge services are top notch!

Of course we should have seen it coming when we went to review a mojito and found them to be less than desirable… (so much so that I couldn’t do the review and @mrmiamism took over!)

Mojito Review – The Shore Club Hotel – South Beach

According to Deidre Woollard from Luxist.com – The Shore Club Goes Delinquent On Its Mortgage:

Could we be seeing another hotel in trouble? The WSJ’s Developments blog says that The Shore Club in Miami Beach has gone delinquent on its $111.5 million securitized mortgage. The mortgage has a special server Cerberus Capital Management LP’s LNR Partners Inc. which has reported that father and son developers Philip and Michael Pilevsky had withdrawn a threat to close the hotel after the mortgage server agreed to fund basic expenses including payroll from the mortgage’s reserves. According to credit-research company Trepp LLC, the Shore Club’s mortgage is 30 days delinquent this month. The hotel also owes another $11.5 million in separate debt besides the mortgage.

The Morgans Hotel Group has been known to have their game on – so I hope to keep dining at Nobu and hope the pretty people don’t get displaced.

Miami Beach Luxury Real Estate – Sunset Islands

This may sound a bit out there, but there is a reason why the Sunset Islands in Miami Beach were named that way… imagine catching perfect sunsets every evening from your backyard? This property is located on Sunset Island IV (which is the least chic of the 4 Sunset Islands according to many, but at least this home sits on the “good side” of the island and with perfect views of the bay with a bit of protection from the elements).  Before you jump down my throat about my political incorrectness – the South side of Sunset IV faces condos and is a narrower canal, thus my statement.  It’s tough to dump a couple of million dollars on a house that faces a bunch of condos.  This house, on the other hand, sits on the North West end of the island, with flawless views.

1649 W 22 Street – Miami Beach, FL 33140

Listed for $5,875,000

The Deco House sure has some history and has had a great deal of celebrities through its doors.  One thing is for sure, it is in need of some updating – starting from the floors, handrails and giving the overall house a nice face-lift – but it does not take away the fact that the house is spectacular, starting from it’s 20,000 square foot piece of property in Prime Miami Beach Real Estate.  The home has been listed since May of 2009, with a starting price of $6,150,000.  The MLS description reads as follows:

This home is known locally as the Deco House and one of the most beautiful homes on the Beach. Prior to the current owners, this is the home that such famous actors as Jennifer Lopez, Sean Combs, and Will Smith have rented while visiting South Beach. It has such a beautiful setting that it has also been used in many magazine layouts. Built in 1987, the Deco Home has solid cement floors and is extremely well constructed. The main room has soaring 18 ft. ceilings and a glass staircase.

Property Features:

• 5,000 square feet of living space
• Built in 1988
• 5 bedrooms / 4.5 bathrooms
• 19,812 square foot lot
• 3-car garage
• waterfront – no fixed bridges to ocean
• private dock
• pool
• private sunsets
• Terrazzo, tile, marble and wood floors
• media room
• Sunset Island Number 4

**property information courtesy of South East Florida Multiple Listing Service and Addvantage Real Estate Services **