The Fasano Coming To South Beach After JHSF Acquires The Art Deco COMO Metropolitan Miami Beach Hotel

The Brazil-based real estate development firm JHSF, led by Fábio Auriemo, has acquired the COMO Metropolitan Miami Beach hotel at 2445 Collins Ave. for $70 million, roughly $946,000 per key. The off-market transaction was overseen by Susan Gale of ONE Sotheby’s International Realty, who represented both the buyer and seller. The acquisition is JHSF’s first in South Florida and they plan to renovate the property and rebrand it into a Fasano.

The property features 74-keys and was first developed in 1939. It was previously known as the Traymore Hotel. It features a beach club, a ground-floor swimming pool with pool garden, a rooftop swimming pool, gym and a restaurant which is currently Traymore by Michael Schwartz.

Imagery via Susan Gale, ONE Sotheby’s International Realty

HFZ Cancels Fasano Residences Miami Beach At The Shore Club Hotel

HFZ Capital Group has canceled the Fasano Residences Miami Beach, a 67-unit luxury condo project planned for the Shore Club Hotel property, which is currently managed by Morgans Hotel Group and owned by HFZ Capital Group. HFZ is currently in the process of returning deposits to buyers and began alerting their clients on Friday (10/2717) of the news. The project had sold 35-30 units, roughly 40%-45% of the project. The delayed closure of the Shore Club Hotel, which continued to take reservations into 2018, had caused confusion amongst buyers as had the rumored withdrawal of the Fasano brand, the luxurious Brazilian hospitality moniker. No construction permits had been filed and the developer reported that the market for construction financing on Miami Beach had dried out. HFZ Capital Group via the entity Shore Club Property Owner LLC purchased the Shore Club for $175.3 million in 2013 and planned to convert the 309-key hotel into a 85-key hotel with 67-condos under the watchful eye of Brazilian Architect Isay Weinfeld. The project would have been the first Fasano branded project in the United States, which has 4 hotels and 15 restaurants under management.