Kor Snags Tides Hotel
Plans Condo-Hotel, New Brand Launch
MIAMI, FL, March 23, 2006. Los Angeles-based luxury hotel operator Kor Hotel Group has purchased the historic Tides Hotel here in South Beach after managing the property since November 2004, with plans to turn it into an upscale condo-hotel complex and to use it as the foundation of a new brand launch. The purchase price was not disclosed.
The transaction is Kor's first purchase of an existing property on the East Coast and the launch of a new brand. Kor recently announced The Tides Playa del Carmen, a ground-up construction project on Mexico's Mayan Riviera.
Kor's expansion of a new Tides brand is in conjunction with the ongoing development of Kor's Viceroy brand in Miami and the Caribbean. The Tides Hotel, located at 1220 Ocean Drive, has 45 guestrooms, including seven junior suites and three penthouses with decks and Jacuzzis.
Kor Hotel Group, the hospitality division of The Kor Group, manages both its own assets and non-owned hotels under third-party management agreements. Properties include Viceroy Santa Monica and Viceroy Palm Springs, Avalon Hotel and Maison 140 in Beverly Hills, Chamberlain in West Hollywood, The Jefferson in Washington D.C. and Campton Place in San Francisco. It is also developing Viceroy Resorts and Residences in Miami, Anguilla and Riviera Maya.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
