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Savoy Hotel

425 Ocean Drive, Miami Beach, FL
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Located in the heart of South Beach, this 75 room art deco hotel occupies approximately 200 linear feet of prime oceanfront land between 4th and 5th Streets on Ocean Drive. The fee interest was acquired by Allied in 2011 following a four year process in which Allied acquired the mortgages from over 20 participant banks nationwide. Approvals are currently in place to three new oceanfront towers, a free standing restaurant along Ocean Drive, and an additional floor on each of the two existing 3-story buildings. Upon completion of this redevelopment, the hotel will contain approximately 240 hotel rooms, 10,000 square feet of restaurant space, meeting rooms and a full service spa.