NEW YORK, Aug. 7, 2019 /PRNewswire/ -- Today, the joint venture by SHVO, Bilgili Group and Deutsche Finance, which 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. The group purchased the Richmond properties, including the Richmond Apartments at 1757 James Avenue and the Richmond Parking Lot at 1832 James Avenue, for $87,850,000 from Patti and Allan Herbert and the South Seas Hotel for $52,000,000 from Majestic Hotel Corp. Renowned art deco architect L. Murray Dixon designed all three oceanfront properties, which together comprise three acres with 217 linear feet of beachfront.
The group has invested nearly a quarter of a billion dollars in Miami Beach this year. In February, the group purchased the Raleigh Hotel, an icon of South Beach art deco known especially for its ornate beachside swimming pool, for $103 million. In today's transactions, Lotus Capital Partners arranged a $100 million acquisition loan from California-based Acore Capital.
These purchases mark the fourth and fifth joint ventures between SHVO, Bilgili Group and Deutsche Finance. In addition to purchasing the historic Raleigh Hotel, the group 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.
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. For more information, please visit www.shvo.com
About Bilgili Group
Bilgili Group is a leading real estate focused Turkish conglomerate and BLG Capital is its independently managed private equity real estate arm founded in 2011. BLG Capital's investment and asset management team has raised and invested more than $500 million equity in Turkey since 2011 and the two firms have over $3 billion of assets under management combined. The firms have a long track record in real estate investments in different asset classes such as hospitality, student housing, city-center mixed-use projects, office, high end residential and other commercial properties.
Backed by its institutional investor base, the companies aim to integrate new and unique concepts into the markets they operate in and also execute strategic partnerships with leading global brands such as Marriott, Soho House, The Peninsula, Aman Resorts and Dogus Group. The investment portfolio includes W Istanbul Hotel, Soho House Istanbul, Galataport, The Peninsula Istanbul, and Aman Bodrum among other high end residential and student housing projects.
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 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 www.dfamerica.com.