The 45-room hotel was damaged by Hurricane Irma in September 2017 and never reopened.
A historic Art Deco hotel on Miami Beach’s Ocean Drive is preparing to welcome guests again after remaining closed for nine years. The Tides Hotel, built in 1936, is expected to reopen in November 2026 following a multimillion-dollar renovation by its new owner, Safe Harbor Capital Partners.
The 45-room hotel was damaged by Hurricane Irma in September 2017 and never reopened. Its closure was followed by years of legal disputes over an unpaid mortgage, insurance money and foreclosure proceedings that culminated in a $95.6 million judgment against its former owners. As reported by American real estate media company The Real Deal, Safe Harbor has invested millions of dollars in renovating the property and is in discussions with hotel operators and chefs to develop its food and beverage programme.
The reopening would bring back a long-shuttered property at 1220 Ocean Drive, one of Miami Beach’s best-known streets.
Hurricane Irma shut the hotel in 2017
Hurricane Irma struck Florida in September 2017 and caused extensive damage to the building. (Photo: not specific)
The Tides was built in 1936 and became a prominent Art Deco property on Ocean Drive. The 13-storey hotel has 45 rooms, including larger suites and penthouses created during an earlier renovation. According to Bisnow, the Chetrit Group acquired the hotel in 2011. In 2014, the company took out a $45 million mortgage from Miami-based Ocean Bank, secured against the hotel and associated properties.
Hurricane Irma struck Florida in September 2017 and caused extensive damage to the building.
The hotel closed and remained shut while the dispute over its financing and repairs unfolded. The scale of the damage made the renovation a significant undertaking. As reported by Bisnow, the estimated hurricane damage stood at more than $9 million. The hotel had undergone major renovations before the storm. A $35 million renovation completed in 1997 converted it from a 115-room property into 45 larger rooms, according to The Real Deal.
Another $7 million upgrade was completed in 2008, covering guest rooms, public spaces, the pool and the front terrace.
How a $45 million mortgage became a $95.6 million judgment
The dispute began with the loan taken out from Ocean Bank. The mortgage was due for repayment in December 2020, but the borrowers did not repay the outstanding balance.Ocean Bank transferred the loan to Safe Harbor in January 2021. Safe Harbor subsequently filed a foreclosure lawsuit against companies linked to the Chetrit Group.
According to Bisnow, the lender alleged that nearly $2 million in insurance proceeds connected to the hurricane damage had been deposited without the bank’s required approval. $1.2 million was transferred to Joseph and Meyer Chetrit, principals associated with the former owners.The Chetrit side disputed aspects of the case. In an email quoted by Bisnow in March 2026, lawyer Dennis Richard said: “The appeal itself of the final judgment is proceeding with full force.”
He added: “We believe the issues that our client will raise on appeal are well-grounded.” Richard also said that the insurance money, along with additional funds, had been used to repair hurricane damage and improve the property.
Safe Harbor’s allegations and the former owners’ response formed part of the wider legal dispute.The case went through several stages. A lower-court ruling in 2022 was overturned on appeal in 2024, and the matter was reheard.
Following a trial in November 2025, the court ruled in favour of Safe Harbor and entered a judgment totalling $95.6 million, including the outstanding debt, interest and other amounts. In March 2026, Safe Harbor acquired the hotel and associated properties at a foreclosure auction. As reported by Bisnow, the auction concluded after about a minute of bidding, with Safe Harbor acquiring the property for a $10,300 bid.
The Chetrit Group continued to challenge the final judgment through an appeal, according to the reports.
New owner plans a fresh start
The planned reopening is scheduled for November 2026, according to reports.
With control of the property secured, Safe Harbor has moved ahead with plans to renovate the hotel and prepare it for reopening. According to The Real Deal, the company obtained a mortgage of about $44 million from Maxim Credit Group, with part of the financing intended to support upgrades. The financing covers the hotel and nearby properties, including sites on Collins Avenue and a parking garage.The hotel’s location on Ocean Drive gives it a place in Miami Beach’s Art Deco landscape, which attracts visitors for its architecture, restaurants and nightlife. The Tides has also drawn celebrity guests over the years. Its visitors have included Marilyn Monroe, Jennifer Lopez, Ben Affleck, Jamie Foxx and Paris Hilton. The planned reopening is scheduled for November 2026, according to reports. The hotel’s return will end a closure that began after Hurricane Irma, although the reopening date remains a plan rather than a confirmation that guests have already checked in.