Miami, Florida, November 17, 2008 Bilzin Sumberg Baena Price & Axelrod LLP announced today the successful acquisition of the historic Sovereign Hotel on Miami Beach, Florida by its client, Soho House Ltd.
Led by Lori A. Schumacher, attorney in the Real Estate Group, and Carter N. McDowell and Alexandra L. Deas, attorneys in the Land Use Group, the Bilzin Sumberg team along with the international law firm of Withers Bergman LLP represented Soho House Ltd. in the closing on the acquisition of Ryder Properties, LLC, the owner of the property, modification of the existing construction loan from Carey 16 Lending Corp. and the subsequent subdivision of the property. Bilzin Sumberg and Withers Bergman also represented the purchaser in obtaining an additional $18 million loan from the Bank of Scotland.
The art deco 7-story Sovereign Hotel shall be called "Soho Beach House Miami" and is currently under restoration and renovation including the construction of a new 15-story ground level addition at the rear of the property. Upon completion, Soho Beach House Miami will consist of 47 hotel rooms, rooftop bar, a large pool, cabanas, a Cecconi's restaurant, screening room and an expansive spa.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a commercial law firm based in Florida. The firm’s core practices include Business Finance & Restructuring, Corporate, Environmental, International, Land Development & Government Relations, Litigation, Real Estate and Tax. For more information, please visit bilzin.com.