Kor Hotel Group Acquires Iconic Tides Hotel in South Beach, Florida; Southern-California Based Kor to Impart Celebrated Style and Personalized Service as New Owners of Landmark Property in Miami.

MIAMI -- Kor Hotel Group, the Los Angeles-based luxury hotel operator, has purchased the historic art-deco Tides Hotel in South Beach, Florida. Kor has overseen management of the property since November 2004. Under its new ownership the historic gem is set to re-emerge as an upscale condo-hotel complex that blends classic art-deco with a newly-infused contemporary aesthetic.

"This purchase is particularly significant for Kor as we always felt that Tides would make a great addition to our collection of owned hotels and would be an ideal brand to grow," said Brad Korzen, CEO of Kor Hotel Group. "The Tides' undeniable elegance and stylish location make it ideal for the portfolio."

The transaction marks Kor's first purchase of an existing property on the East Coast and the birth of a new brand. Kor recently announced The Tides Playa del Carmen, a ground-up property forthcoming on Mexico's Mayan Riviera, that will significantly increase Kor's dynamic presence world-wide and is a vital component of Kor Hotel Group's overall growth strategy nationally and internationally. Kor's expansion of a new Tides brand is in timely conjunction with the on-going development of Kor's well-known Viceroy brand in Miami and the Caribbean.

For reservations or further information contact [phone] or [phone] or visit tidessouthbeach.com. The Tides South Beach is located at 1220 Ocean Drive in Miami, FL.

The Tides Hotel

An icon of the exquisite art-deco architecture of the 1930s, Tides Hotel occupies an ideal oceanfront niche at 1220 Ocean Drive across from Lummus Park. Forty-five sleekly stylish guestrooms, including seven junior suites and three dramatic penthouses with decks and Jacuzzis, each offer expansive ocean views. The acclaimed 1220 at the Tides restaurant offers exquisite dining with quietly attentive service in an indoor and outdoor setting: The Terrace overlooks Ocean Drive and the beach; the interior enchants with art deco elegance. The Bar at 1220 boasts a colorful selection of specialty drinks, along with live piano jazz in an eclectic ambience.

About Kor Hotel Group

The Kor Group is a privately held real estate development and management firm with investments primarily in hotels, resorts and multi-family real estate. Kor Hotel Group, the hospitality division of Kor, holds a diverse property portfolio and manages both its own assets and non-owned hotels under third-party management agreements. Kor Hotel Group's properties include Viceroy Santa Monica and Viceroy Palm Springs, Avalon Hotel and Maison 140 in Beverly Hills, The Tides in South Beach, Chamberlain in West Hollywood, The Jefferson in Washington D.C. and Campton Place in San Francisco, as well as forthcoming Viceroy Resorts and Residences in Miami, Anguilla and Riviera Maya debuting in 2008 and 2009 and Tides Playa Del Carmen, set to premiere in 2008.