Deutsche Finance America Grows Miami Beach Investment with Acquisition of Richmond & South Seas Hotels
MIAMI (August 2, 2019) — Today, the joint venture by SHVO and Deutsche Finance, that owns the iconic Raleigh Hotel in Miami Beach announced the purchase of two adjacent properties: the South Seas Hotel at 1751 Collins Avenue and the Richmond Hotel at 1757 Collins Avenue. In addition, the joint venture purchased the Richmond Apartments at 1757 James Avenue and the Richmond Parking Lot at 1832 James Avenue.
The joint venture has invested nearly a quarter of a billion dollars in Miami Beach this year. In February it purchased the Raleigh Hotel, an icon of South Beach art deco and known especially for its ornate beachside swimming pool. In today’s transactions, Lotus Capital Partners arranged an acquisition loan from California-based Acore Capital. Renowned art deco architect L. Murray Dixon designed all three oceanfront properties, which together comprise three acres with 217 linear feet of beachfront.
These purchases mark the fourth and fifth acquisitions between SHVO and Deutsche Finance. In addition to purchasing the Raleigh, Richmond, and South Seas Hotels, the joint venture purchased 9200 Wilshire in Beverly Hills earlier this year, and in 2018 acquired the office portion of 685 Fifth Avenue in Manhattan, which will become luxury Mandarin Oriental Residences.
About SHVO
SHVO brings an atelier-like experience to real estate development, fueled by a discerning eye for design excellence and a passion for quality in every detail. With more than $5 billion under development, SHVO is dedicated to creating extreme value by bringing innovative concepts to life in premier locations for exclusive clientele. Founded in 2004, SHVO has been involved in the envisioning, planning, sales and marketing of more than $15 billion of prime real estate, spanning more than 80 million square feet. SHVO projects have pioneered innovations that continue to be emulated and set new standards throughout the world. Based in New York City, SHVO was founded in 2004 by Michael Shvo, who remains its Chairman and CEO.
About Deutsche Finance
Deutsche Finance Group (DFG) is a global real estate investment management firm established in 2005 with over $4.0 billion of assets under management as of Q2 2019 and headquartered in Munich with offices in London, Denver, Zurich, and Luxembourg. Deutsche Finance America (DFA) is a subsidiary company established in 2018 to source, structure and asset manage direct real estate investments in the United States on behalf of DFG’s institutional client accounts and managed funds. DFA has closed on eight deals totaling over $600 million of equity in the first 12 months of operations. Additional information can be found at dfamerica.com.