British real estate moguls the Reuben Brothers, David and Simon, are buying the Surrey Hotel in New York City, Bloomberg reports. They also recently took over the $132 million senior loan behind the St. Regis Bal Harbor resort, as the hotel market continues to struggle.
Qatari firm Al Rayyan Tourism Investment Company owns the 27-story oceanfront luxury condo-hotel, which has 192 keys and 24 condo-hotel units. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014. That deal that broke down to more than $1 million per room.
The Reuben Brothers are also partnering with Soffer’s Fontainebleau Development on other investments as well. In Los Angeles, the British investors provided Michael Rosenfeld’s Woodridge Capital with $275 million in senior mezzanine debt for the Century Plaza megaproject.
From The Surrey Website:
Built in 1926 as a residence hotel, the original Surrey was home to many of New York’s most eccentric celebrities. JFK, Bette Davis, Claudette Colbert, and other famous faces who recognized the allure of exceptional, discreet service. In re-creating The Surrey, the company collaborated with acclaimed interior designer Lauren Rottet of Rottet Studio—to maintain the integrity of The Surrey’s history while modernizing New York’s most intimate address. Rottet’s inspiration was a New York City townhouse passed down through the generations.
The Surrey is New York City’s only Relais & Chateaux boutique hotel, where discreet service allows guests to retreat from the public—and keep a low profile in an otherwise high profile lifestyle. The Surrey is a residential haven and luxury Upper East Side hotel getaway where guests access and revel in what makes New York City special—without compromising calm personal space. It’s a transcendent experience, where the high-energy Manhattan milieu meets cathartic uptown service and discretion. Privately New York.
Reuben Brothers is a leader in private equity, real estate investment and development, and debt financing. Its investments include racecourses, pubs, aerodromes, media and data centers. Their real estate holdings are significant in scale and broadly diversified, encompassing office, retail, hotel, residential and infrastructure properties across the world.