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MIAMI-Los Angeles-based Kor Hotel Group has acquired the Tides Hotel at 1220 Ocean Dr. in South Beach, which it has managed since November 2004. A Kor spokeswoman declined to disclose the price and identified the seller as Tides Hotel Property LLC, which, according to public records bought the hotel in November 2004 for $26.5 million.

This is Kor’s first purchase of an existing property on the East Coast. It is converting it to a condo hotel and inaugurating a Tides brand. The company is currently developing the Tides Playa del Carmen in Mexico from the ground up, and that property is expected to reach completion in 2008.

The Tides is an Art Deco hotel constructed in the 1930s. It has 45 units, including three penthouses. Condo hotel room sizes, not including penthouses, range from 539 sf to 667 sf, according to a Kor spokeswoman. She tells GlobeSt.com, “initial release at pre-construction pricing of 16 rooms begins May 1. Then, in October, we will release the remaining hotel at post-construction pricing.” She also says six units are pre-sold, including penthouses. “Pricing is not yet determined,” she says, but adds, “over $1 million,” without elaboration.

Kor also has the Viceroy brand, which includes properties in Miami and the Caribbean. Viceroy Resorts and Residences are scheduled to open in Miami, Anguilla and Mexico in 2008 and 2009.

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