The joint venture of Shvo, Bilgili Group and Deutsche Finance bought another two Miami Beach Florida, The two acquisitions, totaling $139.9 million, represent the group’s fourth and fifth joint ventures.

The group purchased the 92 room Richmond Hotel at 1757 Collins Ave., as well as the Richmond Apartments at 1757 James Ave. and the Richmond Parking Lot at 1832 James Ave., for $87.85 million from Patti and Allan Herbert. Besides, next door, it bought the 118 room South Seas Hotel for $52 million from Majestic Hotel Corp. Lotus Capital Partners arranged a $100 million acquisition loan from California-based Acore Capital for the two transactions.

Source:Hotel Management

Fulya Altunyay/[email protected]