British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

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September 19, 2020
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As reported in The Real Deal.

Reuben Brothers acquired a 25 percent stake in Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa.

The private equity and investment firm, led by British billionaire brothers David and Simon Reuben, is partnering with Jeffrey Soffer’s Fontainebleau Development on other investments as well, according to a press release. The Reuben family is reportedly the second-wealthiest family in the United Kingdom.

The Turnberry Isle property in Aventura recently went through a $300 million renovation that added 325 new rooms in a 16-story tower, bringing its total to 685 rooms and suites; added event space; upgraded the 36-hole golf course; and added the Tidal Cove Waterpark. The resort was previously called Turnberry Isle Miami.

Fontainebleau’s properties include the Fontainebleau Miami Beach, the Big Easy Casino in Hallandale Beach, Hilton Downtown Nashville, and the Turnberry Ocean Club condo tower in Sunny Isles Beach.

Soffer split from Turnberry Associates, led by his sister, Jackie Soffer, to form Fontainebleau Development in 2019. Earlier this year, Jeffrey Soffer brought on Brett Mufson, formerly at Witkoff, to lead the new company as president.

The firm’s goal is to leverage its platform “to drive the expansion of our various business lines,” Mufson said in a press release about the injection of capital from Reuben Brothers.

In April, Reuben Brothers paid $170 million to buy a New York City retail condo leased to athletic apparel company Puma from SL Green Realty.

Sources told The Real Deal that the British investors are aggressively looking for more deals in New York, hoping to capitalize on falling prices due to the coronavirus pandemic.

Fontainebleau Development has been negotiating forbearance on its $975 million commercial mortgage backed securities loan for the Fontainebleau Miami Beach, the company’s largest hotel. The loan was transferred to special servicing in March, though the hotel maintains it is current on its payments.