NY-KING-STREET
3.2.2020 22:14:10 CET | Business Wire | Press release
A joint venture between King Street Real Estate GP, L.L.C (“King Street Real Estate”), Westdale Properties (“Westdale”) and Cedar Capital Partners (“Cedar Capital”) today announced the acquisition of the Shelborne South Beach Hotel in Miami Beach, Florida for $120 million.
The landmark 275-room hotel is located in the heart of Miami Beach’s famous art deco district. Opened in 1941, the Shelborne was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus, the architect responsible for some of Miami’s most glamorous hotels.
David Walch, Partner of King Street Capital Management (“King Street”), commented, “Shelborne South Beach is a unique landmark located in a prime and distinguished Miami Beach district. We are excited to have completed this purchase and look forward to working alongside longtime partner Cedar Capital and our new partner, Westdale, to ensure the continued success of this iconic hotel.”
“We are very proud of this acquisition, along with our partners King Street Real Estate and Cedar Capital, and remain committed to working together to redefine this property while continuing to respect its heritage,” said Mitchell Cohen, COO of Westdale Properties. “It’s not often that you get the opportunity to purchase a hotel with such great potential, along with an incredible location right on the beach.”
“The Shelborne South Beach is a historic Miami Beach icon,” said Ben Leahy, Partner at Cedar Capital Partners. “As new owners, we look forward to maintaining the hotel’s grand reputation as one of the best places to stay in Miami Beach.”
About King Street
King Street Real Estate, the real estate investment arm of King Street Capital Management, manages several opportunistic real estate funds, which invest in equity and debt in dislocated markets and complex situations. Over the past 10 years, King Street has invested approximately $2.5 billion in nearly 50 direct real estate transactions across a wide range of sub-sectors primarily in the United States and Europe.
King Street is a global investment management firm founded in 1995, with over $18 billion of assets under management across closed-end real estate, global and European hedge fund strategies, and CLOs. With offices in New York, London, Singapore, Tokyo and Charlottesville, VA, King Street focuses on complex, stressed/distressed, out-of-favor and special situations and employs a fundamental, research-intensive approach with an emphasis on absolute return and downside protection.
About Westdale Properties
Toronto-based Westdale has owned, managed and developed real estate across Canada and the United States for over 65 years. Westdale is committed to creating positive experiences for the tens of thousands in North American’s who call our buildings home. The same commitment is generated for those who work and shop at our properties or spend quality time at our hotels or dine at our expanding platform of restaurants.
With a core business consisting of over 50,000 residential units in 3 Canadian provinces and 11 US states, Westdale continues to expand its portfolio to include over 4 million square feet of retail, office, and industrial properties in North America. Westdale is also actively involved in several significant mixed-use urban developments across North America, including projects in Toronto, Dallas, Atlanta, Halifax and Calgary. For more information visit www.westdaleproperties.com and www.westdale.com .
About Cedar Capital Partners
Cedar Capital focuses exclusively on investment in the hotel industry. The firm, which was founded in 2004, invests in lifestyle, full service and luxury hotels. Since inception, the firm’s principals have acquired hotels with a value of nearly $4 billion and have maintained a consistent track record of strong performance and value creation. The firm has offices in New York, Los Angeles and London. For more information visit www.cedarcp.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20200203005772/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SES Announces Results of the Annual General Meeting2.4.2026 16:49:00 CEST | Press release
SES (the “Company”) held the Annual General Meeting (“AGM”) of Shareholders today in Betzdorf, Luxembourg. Following the recommendations made by the Board of Directors of SES, the shareholders have voted in favor of all resolutions, including the Company’s 2025 annual accounts and the proposed annual dividend of EUR 0.50 per A-share (EUR 0.20 per B-share). The total dividend amount comprises the interim dividend of EUR 0.25 per A-share (EUR 0.10 per B-share), which has already been paid to shareholders on October 16, 2025. The final dividend of EUR 0.25 per A-share (EUR 0.10 per B-share) will be paid to shareholders on April 16, 2026. “I would like to sincerely thank our shareholders for their active engagement, visionary support and continued confidence in SES’ strategy,” said Adel Al-Saleh, CEO of SES. “The outcomes of today’s AGM underscore our shared commitment to a bold multi-orbit approach, with Medium Earth Orbit as the strategic backbone of a dynamically evolving global interco
Andersen Consulting styrker sine kompetencer med tilføjelsen af Lukkap2.4.2026 16:31:00 CEST | Pressemeddelelse
Andersen Consulting tilføjer samarbejdspartneren Lukkap, et konsulenthus med fokus på oplevelsesdrevne kompetencer, der er tilpasset kundernes skiftende behov inden for transformation af medarbejdere, kunder og det digitale område. Lukkap, der blev stiftet i 2009 og har hovedsæde i Spanien, leverer integrerede løsninger, der hjælper organisationer med at transformere, hvordan de betjener kunder, engagerer medarbejdere og frigør værdi gennem adfærdsindsigt og dataanalyse. Virksomhedens tværfaglige tilgang spænder over nytænkning af kunderejsen, effektive programmer for medarbejderoplevelser, talent- og ledelsesudvikling, prædiktiv analyse samt omfattende outplacement- og transitionsydelser. Lukkap arbejder på tværs af sektorer — herunder sundhedsvæsen, medicinalindustri, forbrugsgoder, detailhandel, finans og bankvæsen — for at opbygge menneskecentrerede strategier, der skaber målbare forretningsresultater. "Ved at kombinere vores erfaringsdrevne metode med Andersen Consultings globale
Forrester: Three Years Into GenAI, Enterprises Are Still Chasing Its True Transformative Value2.4.2026 16:00:00 CEST | Press release
Low AI fluency, uneven adoption, and marginal productivity gains are limiting enterprise-scale impact According to Forrester’s (Nasdaq: FORR) latest report, Accelerate Your AI Voyage, most enterprises are struggling to turn growing AI adoption and investment into measurable business impact. One of the key factors holding businesses back is low artificial intelligence quotient (AIQ) — Forrester’s measure of AI aptitude — with many employees lacking a clear understanding of how to use AI. Other barriers include an overemphasis on productivity-focused use cases, difficulty measuring impact, and siloed adoption within individual functions. While these challenges can leave firms frozen in doubt or indecision, the wait-and-see approach to AI adoption is no longer viable. To unlock AI’s full potential, organizations need to focus on four key areas: Define the business outcomes and success metrics for what they want AI to achieve; identify specific use cases for AI deployment aligned to those
The LYCRA Company Announces Strategic Partnership on Renewable LYCRA® Fiber2.4.2026 15:00:00 CEST | Press release
Agreement with Texhong Advances Sustainable Fiber Applications The LYCRA Company, a global leader in innovative and sustainable fiber solutions for the apparel and personal care industries, today announced the signing of a strategic partnership agreement with Texhong International Group Limited (“Texhong”), one of the world’s largest suppliers of core-spun cotton textiles. Under the agreement, Texhong will exclusively partner with The LYCRA Company to bring Renewable LYCRA® fiber made with 30 percent plant-based content* to China’s core-spun yarn sector. This collaboration aims to accelerate the adoption of bio-derived spandex across the global apparel and textile industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260402505834/en/ The LYCRA Company announced a strategic partnership with Texhong International Group for renewable LYCRA® fiber. Pictured at the signing ceremony held in Shanghai (left to right): Jason Wang,
Brightfin Unifies Brand Following Proven Optics Merger, Delivering a New Standard for Technology Cost Optimization2.4.2026 15:00:00 CEST | Press release
New identity reflects expanded vision to help CIOs “See Clearly. Spend Better.” Brightfin today announced that, following its merger with Proven Optics, the combined company will operate under a single brand: Brightfin. The unified company brings together deep expertise in Technology Expense Management (TEM) and IT Financial Management (ITFM) to help organizations better understand, manage, and reduce total technology spend. Technology spending will exceed $6 Trillion this year, and for most organizations, it remains one of the least understood. CIOs can tell you what they’re spending. Far fewer can tell you whether it’s working. “Over the past several months, we’ve brought these two businesses together around a shared purpose: help enterprise businesses better understand and optimize their technology spend,” said Joel Martins, CEO of Brightfin. “What we are seeing now is a shift. Visibility alone isn’t enough. Teams need to be able to act, tied to real financial outcomes. See Clearly.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom