Carlton Group chairman Howard Michaels has arranged a $185 million refinancing for The Shore Club, a luxury hotel on Miami’s South Beach.
The lender was Banco Inbursa, a Mexico-based bank run by Carlos Slim.
The 309-room hotel was acquired by its present owners, HFZ Capital, late in 2013.
The Carlton-managed refinancing provides the funding for a repositioning of the property, revamping it into 85 deluxe residential condos and 100 luxury hotel rooms.
HFZ founder Ziel Feldman told the Miami herald last month that he plans to “re-imagine and reposition a world-class property in a market that has seen continued demand for luxury properties,”
The $175.3 million sale of the 309-room building at 1901 Collins Avenue was the priciest one for a South Florida hotel last year.