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 that began in 2014.
The case is significant as it highlights ongoing challenges faced by property owners dealing with large debts and disputes over loan terms. The foreclosure follows years of litigation between the Chetrits’ entities and Safe Harbor, which acquired the debt from Ocean Bank after the loan matured in 2020 during the pandemic.
Safe Harbor took title to the historic 13-story, 45-key hotel and adjacent lots through a credit bid at auction, according to Miami-Dade County records. This came after Circuit Judge Thomas Rebull issued a $95.6 million final judgment against the Chetrits’ affiliates in January, covering unpaid loan balances and default interest accrued from November 2017 to November 2025. The judge credited $7.5 million for payments already made but said nearly $20,900 in daily interest was still owed up to the date of his order.
The borrowers attempted to halt enforcement of this judgment by appealing both the bond requirement—set at nearly $53 million—and Rebull’s final ruling. However, their motion was denied by Florida’s Third District Court of Appeal, allowing Safe Harbor to proceed with foreclosure.
Safe Harbor stated that the hotel “is a historic landmark,” adding its “next chapter” will “reflect that significance.” Meanwhile, Dennis Richard, attorney for the borrowers, said they are continuing their appeal efforts: they “have powerful arguments to reverse the judgment.”
The Tides Hotel has been closed since Hurricane Irma damaged it in 2017. Disputes arose over how insurance funds were handled; Safe Harbor claimed improper transfers occurred without bank consent and that repairs were not made despite available funds. The Chetrits deny these allegations. Attorney Dennis Richards said: “The $2 million, plus millions more, were used to repair the hurricane damages and enhance the project.”
This is not the only legal issue facing Joseph and Meyer Chetrit; they are also dealing with criminal tenant harassment charges in New York and an upcoming auction for another property—the vacant Hotel Carter in Times Square.
