Tell Me :
Talk
Ron Wood Medley
Ooh La La
It's All Over Now
Honky Tonk Women
Don Covay & Ron Wood -Somebody
Groove Thangs - I'm Your Puppet (1988)
Groove Thangs - Runaway People (1988)
Edited 1 time(s). Last edit at 2011-08-07 06:44 by schillid.
The Savoy is a 75-room property located on Ocean Drive in the famed Art Deco district of Miami Beach, Florida. The property was originally built as the 70-room Savoy Plaza hotel (1937) and the 105-room Arlington Hotel (1941), but has operated as one property since the late 1980’s.
Distressed Situation #1
As with most of the Art Deco properties in South Beach, the Savoy/Arlington was built towards the end of the depression, probably housed military recruits during WWII, enjoyed a boom during the post-war years, then gradually fell into decline during the 1960’s and 1970’s.
Recovery #1
The first successful turnaround of the property came in the late 1980’s when it was acquired by a group of investors – that famously included Rolling Stones’ guitarist Ron Wood – and turned into Woody’s on the Beach, a rock ‘n roll night club. At this time, the South Beach redevelopment phenomena was still in its infancy, so the opening of Woody’s was a seminal event that epitomizes the risks and rewards of the market at that early stage in its transformation.
According to press clippings and a review of the public records, the chain of title during the South Beach revitalization period is linked as follows:
December 1986 – Arlington property acquired by Mayfair Holdings (Ron Woods’ group) for $1,940,000.
Aug/Sept 1988 – Ownership of the Savoy ($870,000), the Arlington ($2,305,417) and an off-site parking lot ($343,917) was consolidated by Savoy Holdings, a company reportedly controlled by Nick Cowan, Ron Woods’ personal manager at the time.
February 1991 – The properties were acquired by M-1 Development for a reported $3,300,000.
May 1993 – The properties were next acquired by Paramount & Savoy Hotels in a transaction that also included the formation of a joint venture with the seller, M-1 Development, to convert the property to condominiums. The consideration for the property-conveyance/joint venture transaction is undisclosed, but financing was provided through a $4,150,000 acquisition-and-construction facility from Ocean Bank. In November 1995, M-1 quit-claimed their interest in the property to Paramount & Savoy for $867,450.
August 1997 – The resort complex was acquired from Paramount & Savoy by Sunterra Corporation (f/k/a Signature Resorts) for $14,950,000.
During this period, the property kept trading at higher and higher price points, although nobody made any real money until the Sunterra acquisition in 1997 in a transaction that created a simple profit (sales price - acquisition price) for Paramount & Savoy estimated at roughly $7,500,000.
Sunterra’s ability to pay the nearly $15 million was due in part to the internal economics of timeshare and, in part, to the fact that the company was still flush with capital from their NYSE public offering in August 1996.
Distressed Situation #2
Under Sunterra’s ownership, the condominium subdivision was completed (December 1997) and the property was registered for timeshare sales. In addition to the acquisition price, Sunterra invested approximately $8,500,000 to renovate the property for timeshare use (including the installation of kitchenettes, among other improvements). Total investment by Sunterra upon renovation is estimated at $22,750,000.
In May 2000, Sunterra declared bankruptcy (for reasons having nothing to do with the Savoy). Due to anemic sales at the resort, however, the property was slated for disposition. Paul Sexton was appointed at this time to head up the company’s real estate disposition/restructuring program.
Sunterra had created two significant problems that put the Savoy squarely into the distressed asset column:
Portions of the property had already been conveyed to third-party owners through the aborted timeshare sales program – so it was impossible to convey clear title.
Due to poorly drafted legal agreements, Sunterra was not going to be able to terminate the encumbering restaurant space lease prior to disposition – which created an additional cloud on title.
Sunterra’s simple loss (sales price - (acquisition price + improvements)) on their ownership of the property was an estimated $4,750,000.
Recovery #2
Although the post dot-com-bubble market was difficult at best for hotel transactions, in late 2000 Sunterra was successful in securing a “stalking horse” buyer in The Arden Group. The as-is transaction was priced at $18,000,000. In accordance with bankruptcy law, the proposed sale was subject to court approval, which included an “overbid” process that produced no additional potential buyers.
In another twist, the sale was contested by a local contractor who had a defective lien (as determined by the bankruptcy judge) on the property and was about to get wiped out by the sale of the property to Arden. During the sale-approval hearing, Paul Sexton delivered over 15 hours of expert testimony, which ultimately led to the court’s overruling contractor’s objection and the granting of a sale order in February 2001.
According to public records, The Arden Group’s acquisition was financed by a $15,000,000 first mortgage from Summit Bank and a $3,500,000 subordinated mortgage from RAIT Partnership LP.
Arden’s plan to maximize their return was to:
Reacquire the timeshare interests.
Terminate the restaurant lease.
Acquire additional development rights for a 100- foot residential tower.
By the end of their ownership, Arden was: (1) partially successful in reacquiring the timeshare interests, (2) completely successful in terminating the restaurant lease and (3) unsuccessful in obtaining the additional development rights.
As an interesting aside, Arden’s attempt to gain approvals for the 10 story tower spurred a movement for a 55-foot height limit south of Fifth Street along Ocean Drive. In late 2002, the Miami Beach city commission eventually approved a compromise height limit of 75 feet.
The Arden Group’s simple profit (sales price - acquisition price) on their ownership of the property was $14,000,000.
Distressed Situation #3
With the condo market reaching a fever pitch in 2005, Arden sold the property to Savoy Hotel Partners for $32,000,000. Financing was initially provided by Hudson Capital Fund Partners in the amount of $25,000,000. Hudson subsequently sold their note to Goldman Sachs. Mid-year 2005 the senior debt was sold yet again to a subsidiary of Marshall BankFirst Corporation, who increased the principal amount to $39,500,000 prior to syndicating the loan out to a reported 35 participating banks. In addition to the Marshall BankFirst facility, the owners added a $1,000,000 mezzanine debt facility in June 2006.
The Savoy Hotel Partners business plan was to add units to the property that, reportedly, would result in the construction of 27 oceanfront condominium residences, 56 condo-hotel units and 24 condominium lofts. By the time the owners were able to obtain final approvals for their plan, however, the market had already begun its downside slide.
In July 2007 Marshall BankFirst recorded a lis pendens, indicating their intent to foreclose on the first mortgage. According to public records, however, Savoy Hotel Partners responded with counter claims, including certain claims of lender liability. As of March 2009, the actions of the parties were still pending resolution.
Based on our internal analysis, a sale of the property in today’s market would produce a loss on the first mortgage alone of between $25,000,000 and $30,000,000.
...
1987 Live - Gunslingers Tour
Bo Diddley & Ronnie Wood / Woody's on the Beach, Miami, Florida, December 20, 1987
Woody's on the Beach (2CDR)
Ronnie Wood / Woody's on the Beach, Miami, Florida, December 31, 1987
Countdown to Midnight (2CDR/disc 1) Coast 2 Coast C2C 07
The Ron Wood Orchestra / Woody's on the Beach, Miami, Florida, January 2, 1988
untitled (2CDR)
Johnny Copeland / Woody's on the Beach, Miami, Florida, February 19, 1988
Woody's on the Beach (1CDR)
Ronnie Wood / Woody's on the Beach, Miami, Florida, March 30, 1988
Woody's on the Beach (1CDR)
Ronnie Wood / Woody's on the Beach, Miami, Florida, April 7, 1988
Woody's on the Beach (2CDR)
Bo Diddley & Ronnie Wood / Woody's on the Beach, Miami, Florida, June 21, 1988
Woody's on the Beach (1CDR)
Bo Diddley & Ronnie Wood / Woody's on the Beach, Miami, Florida, June 22, 1988
Woody's on the Beach (1CDR)
Toots & The Metals / Woody's on the Beach, Miami, Florida, September 23, 1988
Woody's on the Beach (1CDR)
Jerry Lee Lewis / Woody's on the Beach, Miami, Florida, November 3, 1988
Woody's on the Beach (1CDR)
Ray Charles / Woody's on the Beach, Miami, Florida, November 9, 1988
Woody's on the Beach (1CDR)
Willie Dixon / Woody's on the Beach, Miami, Florida, November 10, 1988
Woody's on the Beach (1CDR)
Edited 1 time(s). Last edit at 2011-08-03 20:06 by schillid.
Ed, if it isn't too much trouble, perhaps you can post a photo in this thread?
(If you want to get fancy... maybe put a cup upright in front of stacks of the other cups... )
In 1987 Barbara Hulanick"arrived in Miami Beach where she reinvented herself yet again as a designer of interiors and exteriors, single-handedly re-conceiving Miami Beach's then re-emerging Art Deco District. Her projects began with Woody’s on the Beach, which she designed in 1987 for Ron Wood of the Rolling Stones. She created a series of restaurants, night clubs and super-clubs, including Who's in the Grove, Sempers, Match Club and Bolero Restaurant. "
"Barbara Hulanicki began her career in Fashion in the early 1960's working as a freelance fashion illustrator covering all the important fashion collections for the major publications of the day, including Women’s Wear Daily, British Vogue, the Times, the Observer and the Sunday Times. In 1964 she founded, with her late husband, Stephen Fitz-Simon, the boutique BIBA, beginning as a small mail-order business featured in the fashion columns of newspapers such as the DAILY MIRROR."
Edited 1 time(s). Last edit at 2011-08-05 04:36 by schillid.
455 Ocean Drive
From: [www.oocities.org]
From: [www.oocities.org]
Savoy Hotel, northern building (former Hotel Arlington), 455 Ocean Drive
The northern building (above), the former Hotel Arlington, was designed in Classical Revival Art Deco style by Albert Anis. The restaurant here has been home to a number of notable names, such as Bice and the Strand. It currently houses what Savoy calls the "55," presumably because the address of this building is 455 Ocean Drive.
Savoy Hotel, southern building (former Savoy Plaza), 425 Ocean Drive
The beautiful southern building of the Savoy Hotel, formerly the Savoy Plaza (above), underwent a complete and thoughtful renovation that was completed in 2000. Prior to that it was an abandoned structure. The Savoy's prior owners, Sunterra, are to be commended for bringing back to life one of the great pure Art-Deco style structures on Ocean Drive.
Ocean Drive Preservation Association
a non-profit community association dedicated to preserving and protecting the neighborhood, community,
quality of life, and architectural heritage on and surrounding lower Ocean Drive in Miami Beach, Florida
which do you prefer?
The Savoy Hotel property consists of two historic three-story hotels — the former Savoy Plaza, a pure Art Deco structure at 425 Ocean Drive designed by architect V.H. Nellenbogen in 1935, and the Hotel Arlington, a Classical Revival Art Deco structure at 455 Ocean Drive designed by renowned Miami Beach architect Albert Anis in the late 1930s. Anis was responsible for, among other Art Deco gems on South Beach, the Clevelander, the Leslie, the Waldorf Towers, the Avalon, and the Winter Haven. Nellenbogen designed, remodeled, or redesigned a number of buildings in South Beach, including the Sterling Building, the Franklin, the Alamac, the Primrose, and the Blackstone.
The Savoy property at 425-455 Ocean Drive is the last remaining set piece on the beach side of Ocean Drive showing what life was like in Miami Beach before World War II. In fact, other than the "Streamline Moderne" style Villa Luisa at 125 Ocean Drive and the pure Art Deco style Simone and Sorrento (now Ocean Walk) Hotels at 321 and 335 Ocean Drive, respectively, the Savoy property has the only pre-World War II beachside hotels left in South Beach.
The Savoy was recently purchased by a group of out-of-town developers hell-bent on destroying this beautiful piece of property in order to line their already flush pockets. Toward this end, they are proposing to shoehorn a modern, ten-story structure into the miniscule lot in between the Arlington and the Savoy Plaza, forever destroying the character of this unique parcel. These developers must be stopped, and the City of Miami Beach must realize once and for that its residents and patrimony must come before developers.
action alert!
On March 26, 2002, the Miami Beach Planning Board will conduct a hearing on the amendment to section 142.696 of the City of Miami Beach Code that was proposed by ODPA attorney Kent Harrison Robbins and was referred to the Planning Board by the City Commission by a 6-1 vote on February 20. This amendment will ensure a consistent maximum building height throughout the Ocean Beach Historic District by extending the maximum building height of 35 feet on a lot with a contributing structure for which no certificate of appropriateness for demolition has been obtained to the entire Ocean Beach Historic District. Currently, this height restriction pertainss only to RPS-1, RPS-2, and RPS-3 lots in the historic district. RPS-4 lots — which exist only on the ocean side of Ocean Drive — are currently exempt. If the Planning Board approves the amendment and initiates "zoning in progress," the greedy, anti-preservation Savoy developers will either have to comply with the proposed amendment, hope to defeat it when it goes before the entire City Commission, or give up.
We need you to attend the Planning Board meeting at 3:00 p.m. on March 26 to show your support for the ordinance amendment and your disgust at developers like Arden Savoy who care only about stuffing their pockets with money and care nothing about this beautiful city and its residents.
successful march 18 odpa protest makes the news!
On Monday evening, March 18, about 70 members of ODPA marched in protest in front of the Savoy Hotel instead of attending an "appeasement" meeting with residents arranged by Arden Savoy inside the hotel. ODPA members made it clear that they have no desire to engage in dialogue with get-rich-quick developers who care nothing about either the Art Deco beauty of Miami Beach or its residents. WPLG Channel 10's Mark Joyella did a story on the protest for Channel 10's 11:00 p.m. newscast. The protest was also prominently covered in the March 21 Miami Herald's Neighbors section.
Click here for photos of the protest. Thanks to everyone who turned out!!!
June 20th, 2007
BREAKING NEWS: Two more condos bite the dust!
From: [www.southbeachrealestateblog.com]
It has been confirmed that the developers of the Savoy South Beach, located at 455 Ocean Drive in SoFi, have decided NOT to go forward with the project. The 112 unit project which called for 30 oceanfront residences, 57 condo-hotels and 24 lofts (at another location) will be renovated and continued to be run as a hotel. The developer is CMA companies and Broker was Elliman Florida, who brought on NYC power-house broker Dolly Lenz to help market the project.
SAVOY HOTEL
Updated: May 18, 2010
Photos and Review by William B.
Rating: 2.5 Pearls
Photos (140)
Pros
2 large pools
Direct beach access
Large suites
Kitchenettes available
Nearby bars and restaurants on Ocean Drive
Cons
Old, dingy rooms
Worn fitness center
Poorly maintained property
Bottom Line
A condo-hotel with privately owned rooms, the Savoy offers huge beachfront suites (some with kitchenettes) and a lively pool scene. But here's the catch: archaic, hideously designed rooms with enough split paint, mold, rust, and biohazardous stains to draw out anyone's inner hypochondriac.
The front desk
A very friendly porter wearing a wide-brimmed safari hat grabbed my bags before I was out of the cab. It seems the hat was his own uniform choice (no one else was wearing them).
The two folks at the front desk were a bit overwhelmed because the place was booked solid by lots of young partiers and a senior citizen tour group. There were many conflicting issues at hand, and never was the demand to project one's voice so great. Still, though somewhat curt, they managed to stay polite and were more than willing to help me out with the basics (towels, location of the gym, etc.).
There is no concierge to help with restaurant picks or nearby activities.
Poolside, the two servers (who were also acting as bartenders) were literally sprinting to get margaritas out before they melted under the 90-degree sun (my Coke gave them a well-needed blender break).
Location
Close to South Beach, there are few swanky options but all the necessities are available.
South of Fifth, technically, but the Savoy is right on the South Beach border. Though not on the stylish, swanky side of things (the nearest dining options include a TGI Friday's), everything I needed was in reasonable walking distance.
Rooms
Bizarre interior designs, threadbare beds, loud AC units, and small TVs. Suites are a comfortable option for families.
The One Bedroom Ocean Suite
Each room is "styled" (I use the term loosely) by whoever owns the timeshare (the hotel just rents out certain rooms throughout the year). I had a fun time trying to guess who could have opted for such a ridiculous look. For room 224, which had chipped, rusted silver-colored astronaut-in-a-cave furnishings, I imagined a hip car salesman with thick, gelled hair and acid-wash jeans (remember, these rooms are holding onto their authentic,1988 design) who made over his stud pad with commissions on the new hot-yellow Acura. For room 212, with blond wood, blood marble bathrooms and monochromatic blue (or just sun-faded) watercolor landscapes, I pictured an ornery elderly couple from Queens wearing matching parrot print T-shirts and thick gold jewelry.
The only common features between the rooms were sagging, threadbare beds, tiny, outdated Zenith TVs, and AC units that sounded like lawn mowers.
Still, the suites weren't bad for a budget family pick -- huge rooms with a kitchenette, pull-out sofas, and private space for parents.
Features
Two outdoor heated pools with grime on on the bottom, no spa, a smelly fitness room, and an empty restaurant serving cheap burgers and beer.
The beach
Two outdoor heated pools (one with a kids-free section) in a courtyard area surrounded by lush landscaping and other hotel rooms -- impressive, but only from a distance. I could have (and, maybe, would have liked to have) built an underwater sandcastle with the amount of dirt and grime settled on the bottom.
My inspection of the fitness room (consisting of one treadmill and a core ball) was brief -- forgive me, but it smells like burnt armpit hair.
As for the restaurant (only open until 7p.m.), the cheap burgers and beer are a draw (only $20 for an imported 6-pack), but I ate under an umbrella by the pool, despite swamp-bath humidity. The constantly empty restaurant is too depressing.
Though advertised, I didn't see anything that looked like a spa. If anyone tried to rub me by the pool, I would have filed a police report.
Cleanliness
The property is falling apart, with filthy rooms, carpet stains, broken closets, and piles of sand at the bottom of the pool.
The pool
All around, the property is falling apart, but no one seems to care.
The rooms are filthy, but I fault the Reagan-era renovation, not the housekeeping staff. Gratuitous carpet stains, extensive mold and rust in the bathrooms, damp, lumpy carpets, chipped furniture, peeling paint, broken closets, and the most distressing image -- bubbled, splintered paint on the toilet seat.
Though the pool water is clear, there is an unfortunate excess of sand at the bottom, and I never saw anyone attempt to clean it.
Bottom Line
A condo-hotel with privately owned rooms, the Savoy offers huge beachfront suites (some with kitchenettes) and a lively pool scene. But here's the catch: archaic, hideously designed rooms with enough split paint, mold, rust, and biohazardous stains to draw out anyone's inner hypochondriac.
April 6, 2011
BRT Realty Buys Loan On Savoy Hotel
An affiliate of BRT Realty Trust bought the distressed mortgage on the Savoy Hotel in Miami Beach.
Savoy Hotel Partners’ 75-room hotel, along the beach at 425 and 455 Ocean Drive, was hit with a foreclosure lawsuit in 2009 by the Federal Deposit Insurance Corp., acting as a receiver for the failed Bankfirst in South Dakota.
Savoy Hotel Partners bought the hotel for $28 million in 2005 and got a $34.85 million mortgage from Bankfirst a year later. In 2010, Beal Bank Nevada acquired the loan. In March, the loan was sold to TRB Savoy, an affiliate of Great Neck, N.Y.-based BRT Realty (NYSE: BRT). The price was not disclosed. BRT Realty is a real estate investment trust that focuses on mortgages. An official there did not immediately return a call seeking comment.
The foreclosure lawsuit against Savoy Hotel Partners remains pending. A federal judge dismissed the defenses raised by the borrower.
Edited 6 time(s). Last edit at 2011-08-06 00:11 by schillid.
Edited 1 time(s). Last edit at 2011-09-17 18:51 by schillid.
More MICKEY'S on the beach - Mickey's Malt Liquor
Talk about your favorite band.
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Re: Woodys on the beach
Posted by:
Big Ed
()
Date: August 2, 2011 03:19
I was a partner in a design company that built the Miami Beach location.
Still have a few thousand logo cups 12oz size with the face of Ron on them.
It most recent was a restaurant called OLA one of the best restaurants in America. Famed Latin Chef Doug Rodriguez and his partner Brian Lieberman, they moved to the Sanctuary Hotel,a much better South Beach location near the Delano Hotel.
It's a must try place if you visit Miami Beach the boys and their likes have all been there.
Still have a few thousand logo cups 12oz size with the face of Ron on them.
It most recent was a restaurant called OLA one of the best restaurants in America. Famed Latin Chef Doug Rodriguez and his partner Brian Lieberman, they moved to the Sanctuary Hotel,a much better South Beach location near the Delano Hotel.
It's a must try place if you visit Miami Beach the boys and their likes have all been there.
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 3, 2011 09:09
Ron Wood Medley
Ooh La La
It's All Over Now
Honky Tonk Women
Don Covay & Ron Wood -Somebody
Groove Thangs - I'm Your Puppet (1988)
Groove Thangs - Runaway People (1988)
Edited 1 time(s). Last edit at 2011-08-07 06:44 by schillid.
Re: Woodys on the beach
Posted by:
DREAMTIME
()
Date: August 3, 2011 10:50
I would like 2 cups too! please, thank-you.
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 3, 2011 19:36
From: [www.sextonadvisors.com]
DISTRESSED ASSET CASE STUDY – SAVOY HOTELThe Savoy is a 75-room property located on Ocean Drive in the famed Art Deco district of Miami Beach, Florida. The property was originally built as the 70-room Savoy Plaza hotel (1937) and the 105-room Arlington Hotel (1941), but has operated as one property since the late 1980’s.
Distressed Situation #1
As with most of the Art Deco properties in South Beach, the Savoy/Arlington was built towards the end of the depression, probably housed military recruits during WWII, enjoyed a boom during the post-war years, then gradually fell into decline during the 1960’s and 1970’s.
Recovery #1
The first successful turnaround of the property came in the late 1980’s when it was acquired by a group of investors – that famously included Rolling Stones’ guitarist Ron Wood – and turned into Woody’s on the Beach, a rock ‘n roll night club. At this time, the South Beach redevelopment phenomena was still in its infancy, so the opening of Woody’s was a seminal event that epitomizes the risks and rewards of the market at that early stage in its transformation.
According to press clippings and a review of the public records, the chain of title during the South Beach revitalization period is linked as follows:
December 1986 – Arlington property acquired by Mayfair Holdings (Ron Woods’ group) for $1,940,000.
Aug/Sept 1988 – Ownership of the Savoy ($870,000), the Arlington ($2,305,417) and an off-site parking lot ($343,917) was consolidated by Savoy Holdings, a company reportedly controlled by Nick Cowan, Ron Woods’ personal manager at the time.
February 1991 – The properties were acquired by M-1 Development for a reported $3,300,000.
May 1993 – The properties were next acquired by Paramount & Savoy Hotels in a transaction that also included the formation of a joint venture with the seller, M-1 Development, to convert the property to condominiums. The consideration for the property-conveyance/joint venture transaction is undisclosed, but financing was provided through a $4,150,000 acquisition-and-construction facility from Ocean Bank. In November 1995, M-1 quit-claimed their interest in the property to Paramount & Savoy for $867,450.
August 1997 – The resort complex was acquired from Paramount & Savoy by Sunterra Corporation (f/k/a Signature Resorts) for $14,950,000.
During this period, the property kept trading at higher and higher price points, although nobody made any real money until the Sunterra acquisition in 1997 in a transaction that created a simple profit (sales price - acquisition price) for Paramount & Savoy estimated at roughly $7,500,000.
Sunterra’s ability to pay the nearly $15 million was due in part to the internal economics of timeshare and, in part, to the fact that the company was still flush with capital from their NYSE public offering in August 1996.
Distressed Situation #2
Under Sunterra’s ownership, the condominium subdivision was completed (December 1997) and the property was registered for timeshare sales. In addition to the acquisition price, Sunterra invested approximately $8,500,000 to renovate the property for timeshare use (including the installation of kitchenettes, among other improvements). Total investment by Sunterra upon renovation is estimated at $22,750,000.
In May 2000, Sunterra declared bankruptcy (for reasons having nothing to do with the Savoy). Due to anemic sales at the resort, however, the property was slated for disposition. Paul Sexton was appointed at this time to head up the company’s real estate disposition/restructuring program.
Sunterra had created two significant problems that put the Savoy squarely into the distressed asset column:
Portions of the property had already been conveyed to third-party owners through the aborted timeshare sales program – so it was impossible to convey clear title.
Due to poorly drafted legal agreements, Sunterra was not going to be able to terminate the encumbering restaurant space lease prior to disposition – which created an additional cloud on title.
Sunterra’s simple loss (sales price - (acquisition price + improvements)) on their ownership of the property was an estimated $4,750,000.
Recovery #2
Although the post dot-com-bubble market was difficult at best for hotel transactions, in late 2000 Sunterra was successful in securing a “stalking horse” buyer in The Arden Group. The as-is transaction was priced at $18,000,000. In accordance with bankruptcy law, the proposed sale was subject to court approval, which included an “overbid” process that produced no additional potential buyers.
In another twist, the sale was contested by a local contractor who had a defective lien (as determined by the bankruptcy judge) on the property and was about to get wiped out by the sale of the property to Arden. During the sale-approval hearing, Paul Sexton delivered over 15 hours of expert testimony, which ultimately led to the court’s overruling contractor’s objection and the granting of a sale order in February 2001.
According to public records, The Arden Group’s acquisition was financed by a $15,000,000 first mortgage from Summit Bank and a $3,500,000 subordinated mortgage from RAIT Partnership LP.
Arden’s plan to maximize their return was to:
Reacquire the timeshare interests.
Terminate the restaurant lease.
Acquire additional development rights for a 100- foot residential tower.
By the end of their ownership, Arden was: (1) partially successful in reacquiring the timeshare interests, (2) completely successful in terminating the restaurant lease and (3) unsuccessful in obtaining the additional development rights.
As an interesting aside, Arden’s attempt to gain approvals for the 10 story tower spurred a movement for a 55-foot height limit south of Fifth Street along Ocean Drive. In late 2002, the Miami Beach city commission eventually approved a compromise height limit of 75 feet.
The Arden Group’s simple profit (sales price - acquisition price) on their ownership of the property was $14,000,000.
Distressed Situation #3
With the condo market reaching a fever pitch in 2005, Arden sold the property to Savoy Hotel Partners for $32,000,000. Financing was initially provided by Hudson Capital Fund Partners in the amount of $25,000,000. Hudson subsequently sold their note to Goldman Sachs. Mid-year 2005 the senior debt was sold yet again to a subsidiary of Marshall BankFirst Corporation, who increased the principal amount to $39,500,000 prior to syndicating the loan out to a reported 35 participating banks. In addition to the Marshall BankFirst facility, the owners added a $1,000,000 mezzanine debt facility in June 2006.
The Savoy Hotel Partners business plan was to add units to the property that, reportedly, would result in the construction of 27 oceanfront condominium residences, 56 condo-hotel units and 24 condominium lofts. By the time the owners were able to obtain final approvals for their plan, however, the market had already begun its downside slide.
In July 2007 Marshall BankFirst recorded a lis pendens, indicating their intent to foreclose on the first mortgage. According to public records, however, Savoy Hotel Partners responded with counter claims, including certain claims of lender liability. As of March 2009, the actions of the parties were still pending resolution.
Based on our internal analysis, a sale of the property in today’s market would produce a loss on the first mortgage alone of between $25,000,000 and $30,000,000.
...
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 3, 2011 19:42
Can I have 2½ cups?
Edited 1 time(s). Last edit at 2011-08-14 20:26 by schillid.
Edited 1 time(s). Last edit at 2011-08-14 20:26 by schillid.
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 3, 2011 20:05
From THE ROLLING STONES ARCHIVES WEBSITE
1987 Live - Gunslingers Tour
Bo Diddley & Ronnie Wood / Woody's on the Beach, Miami, Florida, December 20, 1987
Woody's on the Beach (2CDR)
Ronnie Wood / Woody's on the Beach, Miami, Florida, December 31, 1987
Countdown to Midnight (2CDR/disc 1) Coast 2 Coast C2C 07
The Ron Wood Orchestra / Woody's on the Beach, Miami, Florida, January 2, 1988
untitled (2CDR)
Johnny Copeland / Woody's on the Beach, Miami, Florida, February 19, 1988
Woody's on the Beach (1CDR)
Ronnie Wood / Woody's on the Beach, Miami, Florida, March 30, 1988
Woody's on the Beach (1CDR)
Ronnie Wood / Woody's on the Beach, Miami, Florida, April 7, 1988
Woody's on the Beach (2CDR)
Bo Diddley & Ronnie Wood / Woody's on the Beach, Miami, Florida, June 21, 1988
Woody's on the Beach (1CDR)
Bo Diddley & Ronnie Wood / Woody's on the Beach, Miami, Florida, June 22, 1988
Woody's on the Beach (1CDR)
Toots & The Metals / Woody's on the Beach, Miami, Florida, September 23, 1988
Woody's on the Beach (1CDR)
Jerry Lee Lewis / Woody's on the Beach, Miami, Florida, November 3, 1988
Woody's on the Beach (1CDR)
Ray Charles / Woody's on the Beach, Miami, Florida, November 9, 1988
Woody's on the Beach (1CDR)
Willie Dixon / Woody's on the Beach, Miami, Florida, November 10, 1988
Woody's on the Beach (1CDR)
Edited 1 time(s). Last edit at 2011-08-03 20:06 by schillid.
Re: Woodys on the beach
Posted by:
Claire_M
()
Date: August 3, 2011 21:23
Beautiful place. Why did Woody's On the Beach fail - a rock 'n roll club had the wrong demographics for a Latin-majority city like Miami? Most Cubans aren't rock fans, speaking generally.
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 4, 2011 00:49
Quote
Big Ed
I was a partner in a design company that built the Miami Beach location.
Still have a few thousand logo cups 12oz size with the face of Ron on them.
Ed, if it isn't too much trouble, perhaps you can post a photo in this thread?
(If you want to get fancy... maybe put a cup upright in front of stacks of the other cups... )
Re: Woodys on the beach
Posted by:
NICOS
()
Date: August 4, 2011 00:54
Mickys on the beach............
__________________________
__________________________
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 4, 2011 21:12
In 1987 Barbara Hulanick"arrived in Miami Beach where she reinvented herself yet again as a designer of interiors and exteriors, single-handedly re-conceiving Miami Beach's then re-emerging Art Deco District. Her projects began with Woody’s on the Beach, which she designed in 1987 for Ron Wood of the Rolling Stones. She created a series of restaurants, night clubs and super-clubs, including Who's in the Grove, Sempers, Match Club and Bolero Restaurant. "
"Barbara Hulanicki began her career in Fashion in the early 1960's working as a freelance fashion illustrator covering all the important fashion collections for the major publications of the day, including Women’s Wear Daily, British Vogue, the Times, the Observer and the Sunday Times. In 1964 she founded, with her late husband, Stephen Fitz-Simon, the boutique BIBA, beginning as a small mail-order business featured in the fashion columns of newspapers such as the DAILY MIRROR."
From: [www.barbarahulanickidesign.com].
Edited 1 time(s). Last edit at 2011-08-05 04:36 by schillid.
Re: Woodys on the beach
Posted by:
chrism13
()
Date: August 5, 2011 15:54
Anybody know the what street Woody's was on in SOBE?
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 5, 2011 16:42
Quote
chrism13
Anybody know the what street Woody's was on in SOBE?
455 Ocean Drive
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 5, 2011 19:31
From: [www.oocities.org]
From: [www.oocities.org]
Savoy Hotel, northern building (former Hotel Arlington), 455 Ocean Drive
The northern building (above), the former Hotel Arlington, was designed in Classical Revival Art Deco style by Albert Anis. The restaurant here has been home to a number of notable names, such as Bice and the Strand. It currently houses what Savoy calls the "55," presumably because the address of this building is 455 Ocean Drive.
Savoy Hotel, southern building (former Savoy Plaza), 425 Ocean Drive
The beautiful southern building of the Savoy Hotel, formerly the Savoy Plaza (above), underwent a complete and thoughtful renovation that was completed in 2000. Prior to that it was an abandoned structure. The Savoy's prior owners, Sunterra, are to be commended for bringing back to life one of the great pure Art-Deco style structures on Ocean Drive.
Circa 2002 From: [www.oocities.org]
Ocean Drive Preservation Association
a non-profit community association dedicated to preserving and protecting the neighborhood, community,
quality of life, and architectural heritage on and surrounding lower Ocean Drive in Miami Beach, Florida
which do you prefer?
The Savoy Hotel property consists of two historic three-story hotels — the former Savoy Plaza, a pure Art Deco structure at 425 Ocean Drive designed by architect V.H. Nellenbogen in 1935, and the Hotel Arlington, a Classical Revival Art Deco structure at 455 Ocean Drive designed by renowned Miami Beach architect Albert Anis in the late 1930s. Anis was responsible for, among other Art Deco gems on South Beach, the Clevelander, the Leslie, the Waldorf Towers, the Avalon, and the Winter Haven. Nellenbogen designed, remodeled, or redesigned a number of buildings in South Beach, including the Sterling Building, the Franklin, the Alamac, the Primrose, and the Blackstone.
The Savoy property at 425-455 Ocean Drive is the last remaining set piece on the beach side of Ocean Drive showing what life was like in Miami Beach before World War II. In fact, other than the "Streamline Moderne" style Villa Luisa at 125 Ocean Drive and the pure Art Deco style Simone and Sorrento (now Ocean Walk) Hotels at 321 and 335 Ocean Drive, respectively, the Savoy property has the only pre-World War II beachside hotels left in South Beach.
The Savoy was recently purchased by a group of out-of-town developers hell-bent on destroying this beautiful piece of property in order to line their already flush pockets. Toward this end, they are proposing to shoehorn a modern, ten-story structure into the miniscule lot in between the Arlington and the Savoy Plaza, forever destroying the character of this unique parcel. These developers must be stopped, and the City of Miami Beach must realize once and for that its residents and patrimony must come before developers.
action alert!
On March 26, 2002, the Miami Beach Planning Board will conduct a hearing on the amendment to section 142.696 of the City of Miami Beach Code that was proposed by ODPA attorney Kent Harrison Robbins and was referred to the Planning Board by the City Commission by a 6-1 vote on February 20. This amendment will ensure a consistent maximum building height throughout the Ocean Beach Historic District by extending the maximum building height of 35 feet on a lot with a contributing structure for which no certificate of appropriateness for demolition has been obtained to the entire Ocean Beach Historic District. Currently, this height restriction pertainss only to RPS-1, RPS-2, and RPS-3 lots in the historic district. RPS-4 lots — which exist only on the ocean side of Ocean Drive — are currently exempt. If the Planning Board approves the amendment and initiates "zoning in progress," the greedy, anti-preservation Savoy developers will either have to comply with the proposed amendment, hope to defeat it when it goes before the entire City Commission, or give up.
We need you to attend the Planning Board meeting at 3:00 p.m. on March 26 to show your support for the ordinance amendment and your disgust at developers like Arden Savoy who care only about stuffing their pockets with money and care nothing about this beautiful city and its residents.
successful march 18 odpa protest makes the news!
On Monday evening, March 18, about 70 members of ODPA marched in protest in front of the Savoy Hotel instead of attending an "appeasement" meeting with residents arranged by Arden Savoy inside the hotel. ODPA members made it clear that they have no desire to engage in dialogue with get-rich-quick developers who care nothing about either the Art Deco beauty of Miami Beach or its residents. WPLG Channel 10's Mark Joyella did a story on the protest for Channel 10's 11:00 p.m. newscast. The protest was also prominently covered in the March 21 Miami Herald's Neighbors section.
Click here for photos of the protest. Thanks to everyone who turned out!!!
June 20th, 2007
BREAKING NEWS: Two more condos bite the dust!
From: [www.southbeachrealestateblog.com]
It has been confirmed that the developers of the Savoy South Beach, located at 455 Ocean Drive in SoFi, have decided NOT to go forward with the project. The 112 unit project which called for 30 oceanfront residences, 57 condo-hotels and 24 lofts (at another location) will be renovated and continued to be run as a hotel. The developer is CMA companies and Broker was Elliman Florida, who brought on NYC power-house broker Dolly Lenz to help market the project.
From: [www.oyster.com]
SAVOY HOTEL
Updated: May 18, 2010
Photos and Review by William B.
Rating: 2.5 Pearls
Photos (140)
Pros
2 large pools
Direct beach access
Large suites
Kitchenettes available
Nearby bars and restaurants on Ocean Drive
Cons
Old, dingy rooms
Worn fitness center
Poorly maintained property
Bottom Line
A condo-hotel with privately owned rooms, the Savoy offers huge beachfront suites (some with kitchenettes) and a lively pool scene. But here's the catch: archaic, hideously designed rooms with enough split paint, mold, rust, and biohazardous stains to draw out anyone's inner hypochondriac.
The front desk
A very friendly porter wearing a wide-brimmed safari hat grabbed my bags before I was out of the cab. It seems the hat was his own uniform choice (no one else was wearing them).
The two folks at the front desk were a bit overwhelmed because the place was booked solid by lots of young partiers and a senior citizen tour group. There were many conflicting issues at hand, and never was the demand to project one's voice so great. Still, though somewhat curt, they managed to stay polite and were more than willing to help me out with the basics (towels, location of the gym, etc.).
There is no concierge to help with restaurant picks or nearby activities.
Poolside, the two servers (who were also acting as bartenders) were literally sprinting to get margaritas out before they melted under the 90-degree sun (my Coke gave them a well-needed blender break).
Location
Close to South Beach, there are few swanky options but all the necessities are available.
South of Fifth, technically, but the Savoy is right on the South Beach border. Though not on the stylish, swanky side of things (the nearest dining options include a TGI Friday's), everything I needed was in reasonable walking distance.
Rooms
Bizarre interior designs, threadbare beds, loud AC units, and small TVs. Suites are a comfortable option for families.
The One Bedroom Ocean Suite
Each room is "styled" (I use the term loosely) by whoever owns the timeshare (the hotel just rents out certain rooms throughout the year). I had a fun time trying to guess who could have opted for such a ridiculous look. For room 224, which had chipped, rusted silver-colored astronaut-in-a-cave furnishings, I imagined a hip car salesman with thick, gelled hair and acid-wash jeans (remember, these rooms are holding onto their authentic,1988 design) who made over his stud pad with commissions on the new hot-yellow Acura. For room 212, with blond wood, blood marble bathrooms and monochromatic blue (or just sun-faded) watercolor landscapes, I pictured an ornery elderly couple from Queens wearing matching parrot print T-shirts and thick gold jewelry.
The only common features between the rooms were sagging, threadbare beds, tiny, outdated Zenith TVs, and AC units that sounded like lawn mowers.
Still, the suites weren't bad for a budget family pick -- huge rooms with a kitchenette, pull-out sofas, and private space for parents.
Features
Two outdoor heated pools with grime on on the bottom, no spa, a smelly fitness room, and an empty restaurant serving cheap burgers and beer.
The beach
Two outdoor heated pools (one with a kids-free section) in a courtyard area surrounded by lush landscaping and other hotel rooms -- impressive, but only from a distance. I could have (and, maybe, would have liked to have) built an underwater sandcastle with the amount of dirt and grime settled on the bottom.
My inspection of the fitness room (consisting of one treadmill and a core ball) was brief -- forgive me, but it smells like burnt armpit hair.
As for the restaurant (only open until 7p.m.), the cheap burgers and beer are a draw (only $20 for an imported 6-pack), but I ate under an umbrella by the pool, despite swamp-bath humidity. The constantly empty restaurant is too depressing.
Though advertised, I didn't see anything that looked like a spa. If anyone tried to rub me by the pool, I would have filed a police report.
Cleanliness
The property is falling apart, with filthy rooms, carpet stains, broken closets, and piles of sand at the bottom of the pool.
The pool
All around, the property is falling apart, but no one seems to care.
The rooms are filthy, but I fault the Reagan-era renovation, not the housekeeping staff. Gratuitous carpet stains, extensive mold and rust in the bathrooms, damp, lumpy carpets, chipped furniture, peeling paint, broken closets, and the most distressing image -- bubbled, splintered paint on the toilet seat.
Though the pool water is clear, there is an unfortunate excess of sand at the bottom, and I never saw anyone attempt to clean it.
Bottom Line
A condo-hotel with privately owned rooms, the Savoy offers huge beachfront suites (some with kitchenettes) and a lively pool scene. But here's the catch: archaic, hideously designed rooms with enough split paint, mold, rust, and biohazardous stains to draw out anyone's inner hypochondriac.
April 6, 2011
BRT Realty Buys Loan On Savoy Hotel
An affiliate of BRT Realty Trust bought the distressed mortgage on the Savoy Hotel in Miami Beach.
Savoy Hotel Partners’ 75-room hotel, along the beach at 425 and 455 Ocean Drive, was hit with a foreclosure lawsuit in 2009 by the Federal Deposit Insurance Corp., acting as a receiver for the failed Bankfirst in South Dakota.
Savoy Hotel Partners bought the hotel for $28 million in 2005 and got a $34.85 million mortgage from Bankfirst a year later. In 2010, Beal Bank Nevada acquired the loan. In March, the loan was sold to TRB Savoy, an affiliate of Great Neck, N.Y.-based BRT Realty (NYSE: BRT). The price was not disclosed. BRT Realty is a real estate investment trust that focuses on mortgages. An official there did not immediately return a call seeking comment.
The foreclosure lawsuit against Savoy Hotel Partners remains pending. A federal judge dismissed the defenses raised by the borrower.
From [hotelmiamibeach.org]
Edited 6 time(s). Last edit at 2011-08-06 00:11 by schillid.
Re: Woodys on the beach
Posted by:
schillid
()
Date: August 6, 2011 00:01
OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT
OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT
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Re: Woodys on the beach
Posted by:
schillid
()
Date: August 14, 2011 20:25
No one bought it... or even bid
Re: Woodys on the beach
Posted by:
schillid
()
Date: September 17, 2011 18:31
Edited 1 time(s). Last edit at 2011-09-17 18:51 by schillid.
Re: Woodys on the beach
Posted by:
uhbuhgullayew
()
Date: September 18, 2011 05:38
Quote
NICOS
Mickys on the beach............
More MICKEY'S on the beach - Mickey's Malt Liquor
Re: Woodys on the beach
Posted by:
Come On
()
Date: November 22, 2011 19:28
other important beach-stuff
2 1 2 0
2 1 2 0
Re: Woodys on the beach
Posted by:
schillid
()
Date: July 3, 2012 19:38
BUMPed ...
on account of it's summer
on account of it's summer
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