The Tides Hotel, a 1936 Art Deco icon at 1220 Ocean Drive, is set to welcome guests back in November 2026. Safe Harbor Capital Partners, the property’s new owner, is finalizing renovations after a nine-year hiatus that began when Hurricane Irma devastated the building in September 2017. The 13-storey structure, which previously hosted celebrities like Marilyn Monroe and Jennifer Lopez, suffered over $9 million in storm damage, leaving it shuttered while legal disputes consumed the owners.
The legal battle was brutal. The Chetrit Group, which acquired the hotel in 2011, failed to repay a $45 million mortgage from Ocean Bank when it matured in December 2020. The lender transferred the debt to Safe Harbor in January 2021, sparking a foreclosure lawsuit. Safe Harbor alleged that nearly $2 million in hurricane insurance proceeds was diverted without approval, with $1.2 million sent directly to Joseph and Meyer Chetrit. Dennis Richard, the Chetrits' lawyer, disputed these claims in a March 2026 email, stating their appeal was proceeding with 'full force' and that the funds were used for repairs.
The courts sided with the lender. After a lower-court ruling was overturned in 2024, a November 2025 trial resulted in a $95.6 million judgment against the Chetrit-linked companies. This figure included the outstanding debt, interest, and other amounts. In March 2026, Safe Harbor seized the hotel and associated properties at a foreclosure auction. The bidding war lasted barely a minute, with Safe Harbor winning the asset for a nominal $10,300.
Now, Safe Harbor is transforming the liability into an asset. The company secured a $44 million mortgage from Maxim Credit Group to fund the upgrades, covering the hotel and nearby sites on Collins Avenue. They are currently in talks with operators and chefs to design the food and beverage program. The 45 rooms, including penthouses created during a 1997 renovation, are being restored to their former glory.
The reopening marks a return for one of Miami Beach’s most recognizable structures. Ocean Drive’s Art Deco landscape draws millions of visitors annually, and the Tides’ return fills a gap left by its long closure. While the November 2026 date is the target, it remains a planned milestone rather than a confirmed operational status. The Chetrit Group continues to challenge the judgment on appeal, but the key to the property now rests firmly with Safe Harbor.