Affiliates of Joseph and Meyer Chetrit lost ownership of the Tides Hotel in Miami Beach to their lender, Safe Harbor Equity, following a foreclosure auction on March 11. The transfer of the property marks the end of a lengthy legal dispute over a $45 million mortgage originally borrowed in 2014.
The case is significant as it highlights ongoing challenges faced by real estate owners dealing with large debts and disputes with lenders. The Tides Hotel, a historic landmark built in 1936, has been closed since Hurricane Irma caused damage in 2017.
Safe Harbor Equity took title to the hotel and adjacent lots through a credit bid at the auction, according to Miami-Dade County records. This followed a final judgment issued by Miami-Dade Circuit Judge Thomas Rebull in January for $95.6 million against the Chetrits’ affiliates. The judgment included an unpaid loan balance of $41.8 million and $61.3 million in default interest from November 2017 to November 2025, minus credits for payments already made.
The Chetrits’ entities attempted to halt the judgment but were required by Judge Rebull to post a nearly $53 million bond for suspension. Their appeals against both the bond requirement and the final judgment were denied by the Third District Court of Appeal, allowing the foreclosure auction to proceed.
Safe Harbor acquired not only the Tides Hotel but also nearby sites at 1201, 1221, and 1225 Collins Avenue as well as a garage at 1155 Collins Avenue. In a statement, Safe Harbor said that the hotel “is a historic landmark,” adding its “next chapter” will “reflect that significance.”
Dennis Richard, attorney for the borrowers, said that they are still appealing in hopes of overturning Judge Rebull’s decision: they “have powerful arguments to reverse the judgment.”
The dispute began after Ocean Bank sold its debt on the property to Safe Harbor when refinancing efforts stalled during pandemic lockdowns. Safe Harbor then demanded payoff including nearly $20 million in back-dated default interest—an amount contested by Chetrit affiliates who claim insurance funds were used properly for repairs after Hurricane Irma. However, Safe Harbor argued that insurance proceeds were transferred without consent and not used for repairs.
A judge previously ruled that Chetrit entities breached their mortgage agreement by letting insurance lapse and transferring funds improperly; this order was reversed on appeal in 2024.
Beyond Florida, Joseph and Meyer Chetrit face additional legal issues including criminal tenant harassment charges in New York (to which they have pleaded not guilty) and an upcoming auction of their vacant Hotel Carter property in Times Square.
