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
Aventon Expands B2B Payment Terms Program to Germany with TreviPay21.4.2026 11:00:00 CEST | Press release
Expansion builds on North American program success and brings flexible invoicing and net terms to Aventon’s growing retailer network in Europe TreviPay, a global B2B payments infrastructure partner, today announced the expansion of its partnership with Aventon to support the launch of the Aventon Payment Terms program in Germany. Building on the success of Aventon’s existing program in the US and Canada, the new offering will give qualified B2B buyers in Germany access to invoicing and flexible payment terms designed to make purchasing easier and more predictable. As Aventon enters the German market and expands its presence in Europe, TreviPay will serve as the exclusive provider of payment terms for Aventon’s B2B buyers. The program is designed to help Aventon’s retail partners buy more confidently and manage working capital more effectively, while supporting the brand’s long-term growth in a new geography. By offering trade credit through TreviPay, Aventon can give retailers greater
Alpaca Expands into Europe with WealthKernel Acquisition and Launch of European Equities Trading21.4.2026 10:49:00 CEST | Press release
Alpaca has completed its acquisition of European fintech WealthKernel, which will now operate as Alpaca Europe The acquisition gives Alpaca a regulated brokerage and custody presence across the UK and EU Alpaca is also launching European equities trading, beginning with Germany’s Xetra exchange, with Euronext markets and the London Stock Exchange expected to follow Alpaca, a global leader in brokerage infrastructure APIs, today announced the completion of its acquisition of European fintech WealthKernel, marking its expansion into Europe. The company also announced the initial rollout of its API-first equities trading services in Europe, enabling cross-border investing through a single integration. WealthKernel will now operate as Alpaca Europe. The acquisition gives Alpaca licensed brokerage and custody infrastructure in the UK and EU, supporting its ability to deliver investment services and expand its wealth management capabilities across the region. Built on WealthKernel’s regulato
Comwrap Reply Recognized With the Adobe CXO Emerging Partner Western Europe Award21.4.2026 09:52:00 CEST | Press release
Comwrap Reply, the Reply company specialised in cloud-native digital experience services, has received the Adobe CXO Emerging Partner Western Europe Award, one of the recognitions presented as part of the Adobe Customer Experience Orchestration Partner Awards, which honour companies that have made significant contributions to Adobe’s business and delivered a tangible impact on customer success. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421234434/en/ The award is part of a long-standing collaboration with Adobe, recently reaffirmed by the renewal of Comwrap Reply’s Adobe Platinum Solution Partner status, and highlights the experience gained in developing digital experience solutions on Adobe Experience Cloud. The recognition confirms Comwrap Reply’s role in supporting organisations in the design and evolution of digital platforms based on Adobe Experience Cloud, capable of integrating content, data and customer journe
Lenovo Brings Production-Scale AI to Hannover Messe 2026, Delivering Up to 85% Faster Lead Times for Manufacturers21.4.2026 09:00:00 CEST | Press release
With 94% of manufacturers increasing AI investment in 2026, Lenovo enables the shift from pilot to production with solutions already delivering measurable gains in cost, quality, and operational performance Manufacturers are under increasing pressure to improve efficiency, resilience, and responsiveness in the face of ongoing supply chain volatility and rising operational complexity. In this environment, AI is no longer a future ambition but an operational necessity. With 94% planning to increase AI investment in 20261 and an expected $2.86 return for every dollar spent2, the priority has shifted from experimentation to execution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421992136/en/ ThinkStation PGX and Lenovo ThinkEdge Solution 2 At Hannover Messe 2026, Lenovo in partnership with NVIDIA are demonstrating how manufacturers can close that gap by deploying AI solutions already proven at scale across its own global o
Barnes Molding Solutions Becomes SPECTRIX21.4.2026 07:00:00 CEST | Press release
Barnes Molding Solutions is now SPECTRIX. The new Brand offers the full Spectrum of injection molding capabilities delivered by its leading brands - Männer, Foboha, Synventive, Priamus, Thermoplay, and Gammaflux. The change, announced at Chinaplas 2026, reflects the integration of core technologies within a single organization: part design, material science, hot runner and mold technology, sensors & controls and injection molding. Day-to-day operations remain unchanged, including contacts, contracts, and processes. Focused on global growth Under President Marcello Vendemiati, SPECTRIX is strengthening its global market focus and expanding its footprint. This strategy is already visible with the opening of a new manufacturing facility in Pune, India. Another production site near Detroit, USA, is set to open soon. The name SPECTRIX combines “spectrum” and “plastics,” while reflecting the company’s core strengths: expertise, experience, and excellence. Its tagline, “Enduring Advantage, En
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