NY-KING-STREET
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
Nexo Becomes First-Ever Title Partner of the U.S. ATP 500 Dallas Open in Multi-Year Deal13.1.2026 16:30:00 CET | Press release
The agreement builds on Nexo’s long-term approach to partnerships with established global sports institutions. Nexo, the digital assets wealth platform, has been named the U.S. ATP 500 Dallas Open’s first-ever Title Partner under a multi-year agreement beginning in 2026, as the company advances its long-term brand strategy through leading global sports properties. The partnership was unveiled in Dallas alongside the debut of the Nexo Dallas Open brand and the resurfacing of two public tennis courts in North Texas. As one of only two ATP 500 tournaments in the U.S. and the country’s sole indoor ATP Tour championship, the Dallas Open places Nexo among a limited group of ATP 500 title partners. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260113901822/en/ The Nexo Dallas Open “This partnership with Nexo represents a transformative milestone for the Dallas Open,” said Tournament Director Peter Lebedevs. “Securing a title spons
Blue Matter Establishes New Capabilities in Biopharma Research & Development Led by Partner, Tara Austraat-Churik13.1.2026 15:01:00 CET | Press release
Blue Matter is pleased to announce that it has established a practice area dedicated to serving clients in biopharmaceutical Research & Development (R&D). The practice is led by Tara Austraat-Churik, a Partner who joined the firm in September 2025. Tara Austraat-Churik has been serving life science clients for more than 20 years. Her areas of expertise include strategy development and implementation, operating model and organizational design, and process optimization in R&D and Medical Affairs. Prior to joining Blue Matter, she served as Managing Director in R&D, Health, Science, and Wellness at EY. She has a robust background in consulting, which also includes roles at Booz Allen Hamilton, Navitas, WPP, and IBM. She holds a BA and MA from the University of Notre Dame and an MSc in Translational Medicine from the University of Edinburgh. The R&D practice, according to Austraat-Churik, exists to help biopharma companies simplify and accelerate the pathway to market. She adds, “R&D organ
Wasabi Raises $70M in New Equity to Power the Next Era of Data Infrastructure13.1.2026 15:00:00 CET | Press release
At a $1.8 billion valuation, backed by L2 Point and Pure Storage, the company scales AI-first cloud storage to meet the explosive demands of modern data Wasabi Technologies, the Hot Cloud Storage company, today announced a $70 million equity funding round led by L2 Point Management with participation from Pure Storage and existing investors including Fidelity Management & Research Company. The new round values Wasabi at $1.8 billion and brings the company’s total funding to over $600 million. The capital will be used to accelerate Wasabi’s expansion into AI infrastructure, broaden its global footprint, and enhance its product portfolio to meet the growing data demands of enterprises and AI developers worldwide. “We’re ushering in the next generation of cloud storage, powering data-intensive workloads like generative AI and autonomous systems,” said David Friend, co-founder and CEO of Wasabi Technologies. “This funding underscores Wasabi’s strong market position and continued growth as
HumanX Amsterdam Reveals First 100 Speakers, Bringing Global AI Powerhouses to Europe13.1.2026 14:00:00 CET | Press release
Anton Osika (Lovable), May Habib (Writer), Jan Oberhauser (n8n) & Eléonore Crespo (Pigment) headline a diverse lineup spanning AI innovation and enterprise adoption HumanX, the global AI summit for executives and innovators, today unveiled its first 100 speakers and opened registration for HumanX Amsterdam, taking place 22–24 September 2026 at The RAI. Built by the team behind Money20/20, Shoptalk, and HLTH, HumanX Amsterdam brings the proven formula of its #1 U.S. flagship event and ecosystem gathering to Europe. The event convenes over 2,500 senior leaders focused on moving beyond the hype to drive practical, responsible AI implementation across industries. Speakers Leading the Conversation The first 100 speakers include AI company founders such as Anton Osika (Lovable), Jan Oberhauser (n8n), May Habib (Writer), Arvind Jain (Glean), and Jarek Kutylowski (DeepL), alongside executives scaling AI in the enterprise, including Clay Bavor (Sierra), Des Traynor (Intercom), and Eléonore Cres
GARDP and Debiopharm Partner to Advance Development of Novel Gonorrhea Drug13.1.2026 14:00:00 CET | Press release
The GARDP Foundation (known as GARDP) and the privately-owned, global biopharmaceutical company Debiopharm today announced that they have entered into a collaboration and license agreement to pursue the development of Debio1453, a novel, first-in-class antibiotic targeting Neisseria gonorrhoeae. With 82 million new cases each year, and the continued spread of multidrug-resistant N. gonorrhoeae strains, gonorrhea represents a global health crisis. This new partnership will help ensure that gonorrhea continues to be a treatable disease and will alleviate the risk of the emergence of future resistance, by ensuring that the antibiotic pipeline continues to be replenished. Gonorrhea caused by N. gonorrhoeae is currently in danger of becoming untreatable because of antimicrobial resistance (AMR). Having developed resistance to almost all antibiotics used to treat it, only one last recommended treatment, ceftriaxone, remains effective, and now we are seeing a growing number of cases that are
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