Safe Harbor Capital Partners Secures $44M Maxim Credit Group Mortgage to Reopen Miami Beach's Tides Hotel

Safe Harbor Capital Partners plans to reopen the historic Tides Hotel in Miami Beach following a multimillion-dollar renovation, after taking control of the property through foreclosure and securing a $44 million mortgage from Maxim Credit Group.

Maxim Credit Group provided the loan for the 13-story, 45-room South Beach hotel at 1220 Ocean Drive and adjacent properties at 1201 Collins Avenue, 1221 Collins Avenue, 1225 Collins Avenue and the parking garage at 1155 Collins Avenue, records show. Combined, the properties have 140 rooms. The reopening is planned for November 2026.

Financing Details: Maxim Credit Group's $44 Million Mortgage

The $44 million mortgage from Maxim Credit Group covers the hotel and four adjacent properties. Proceeds support the renovation ahead of the planned reopening. Some references to the transaction cite a $45 million figure, but the loan amount is $44 million.

The collateral consists of at least five separately addressed properties:

• Tides Hotel, 1220 Ocean Drive: a 13-story, 45-room hotel of approximately 13,000 square feet.
• 1201 Collins Avenue: a surface parking lot.
• 1221 Collins Avenue: the three-story Molbar Building.
• 1225 Collins Avenue: the two-story Splendor Building.
• 1155 Collins Avenue: a parking garage of approximately 28,000 square feet.

How Safe Harbor Capital Partners Took Control of the Tides Hotel

The transaction is the culmination of a distressed-debt process that began with a $45 million Ocean Bank mortgage originated in 2014. After the Chetrit-affiliated borrowers defaulted following the pandemic, Ocean Bank sold the mortgage, reported at approximately $42 million, to Safe Harbor in January 2021. Safe Harbor subsequently pursued foreclosure against the hotel-owning entities and related properties.

The foreclosure litigation extended the timeline. A 2022 foreclosure judgment based on approximately $41.8 million of mortgage principal, interest and fees was later overturned on appeal. Safe Harbor ultimately acquired the assets through a credit bid at a foreclosure auction in March 2026, with a winning bid of $10,300. Because Safe Harbor held the distressed mortgage and took title through a credit bid, the bid does not represent the portfolio's economic purchase price.

The Tides Hotel Property and Adjacent Collins Avenue Parcels

The Tides is a roughly 90-year-old Art Deco hotel on Ocean Drive in South Beach, placing its original construction around the mid-1930s. The hotel has been closed since 2017 after storm damage, leaving the property dark for nearly nine years. A 2012 city document described the building as eight stories, while current records list it as 13 stories.

City records previously described 1201 Collins as a surface parking lot and 1221 and 1225 Collins as buildings intended for hotel expansion, with a proposed pedestrian connection to the Tides. Their inclusion in the foreclosure collateral gives Safe Harbor control over a larger assemblage than the 45-room hotel alone, which could support future expansion, shared amenities, parking or redevelopment.

Market Context for the Miami Beach Hotel Reopening

Miami and South Florida remain among Florida's supply-constrained hotel investment markets. An industry guide places illustrative 2026 capitalization rates for Miami and other gateway or supply-constrained luxury markets at approximately 5.5% to 7.5%, depending on asset quality, location and operating performance. The valuation of a reopened Ocean Drive hotel will depend on restored operations, renovation cost, brand positioning and stabilized room revenue.

Because the hotel has been closed since 2017, the business plan is a full relaunch rather than a conventional physical or brand refresh. For Safe Harbor Capital Partners, the project combines distressed-loan ownership, title acquisition and selective reinvestment, with the Maxim Credit Group financing supporting the renovation of a prominent South Beach asset.

Sources

• Maxim Credit Group: Historic Tides Hotel to reopen under Safe Harbor's ownership with $45M mortgage
• The Real Deal: Safe Harbor to Reopen Renovated Tides Hotel Miami Beach