Lowe Enterprises Secures $51M for Former Ritz Plaza Hotel

MIAMI BEACH-The old Ritz Plaza Hotel situated in Miami Beach will be converted into SLS Hotel South Beach.

By GlobeSt News Hub | November 21, 2011 at 01:01 AM

MIAMI BEACH-The old Ritz Plaza Hotel situated in Miami Beach will be converted into SLS Hotel South Beach. Lowe Enterprises Investors has secured $51.2 million in construction loan for the Miami hotel on behalf a pension fund client.

Hotel owners sbe's SLS Hotel group and CIM Group will use the three-year loan to redevelop the property at 1701 Collins Ave. into SLS Hotel South Beach, a 142-room hotel. For the full story, go to Commercial Property Executive .

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