“We are excited to be able to bring in the experienced team and capital from Ares, which we believe

Portman-CMC and Ares Management announced yesterday that they will be partnering on a redevelopment plan for the Miami Beach Convention Center district.  Together with Portman-CMC, Ares will provide the necessary equity for all private components in Portman-CMC's development plan for the Miami Beach Square project.
"We are excited to be able to bring in the experienced team and capital from Ares, which we believe will provide less risk and a quicker completion time in bringing a world-class convention center district worthy of the great City of Miami Beach," said Ambrish Baisiwala, CEO of Portman Holdings.  "The team at Ares offers a rare blend of financial expertise, comprehensive real estate experience, and adept leadership in large-scale, mixed-use urban projects involving municipalities.  Their high-caliber work and extensive resources las vegas and travel guide will be instrumental in financing and developing this transformational project."
Earlier this month, Ares Management, a $65 billion global alternative asset management firm, completed its acquisition of AREA Property Partners, a firm which has invested las vegas and travel guide equity in projects in Miami as well as in other public-private partnerships for hospitality and residential projects that are part of municipal convention centers.
The Ares Real Estate Group consists of more than 85 professionals managing approximately $8 billion in equity across North America, Europe, and India.  The principals las vegas and travel guide of Ares Real Estate Group have a long history of working on both large mixed-use developments and hospitality projects in support of convention centers, including the Hilton Orlando, Time Warner Center in New York City, and the Marriott Marquis at the George R. Brown Convention Center in Houston.  Ares also benefits from its many strategic partnerships and previous transactions with leading banks and financial institutions.  Among its well-known projects las vegas and travel guide in the Miami-Dade area are the Delano Hotel and Terrazas River Park Village.
"We have spent considerable time reviewing the Portman-CMC plan for Miami Beach Square and believe it to be well thought and carefully crafted," said Lee Neibart, Global las vegas and travel guide Co-Head of the Ares Real Estate Group. las vegas and travel guide "We have had lengthy discussions with the team about their projections including costs, construction schedules, and financial returns, and believe that they are practical and good for the City of Miami Beach as well as investors."
Portman-CMC's proposal has received endorsements from the Miami Beach Convention Center Advisory Board, the South Florida Hispanic las vegas and travel guide Chamber of Commerce, Florida las vegas and travel guide State Senator Gwen Margolis, Reed Exhibitions, The Freeman Company, and more.  In comparison to the competing proposal, the Portman-CMC's proposal would make the convention center ballroom more accessible given its ground floor location, cost $58.5 million less to build, be constructed las vegas and travel guide more quickly and with reduced impact, would provide the city with additional las vegas and travel guide ground lease revenues, and would provide $25 million in long-term funding for the arts.
The Portman-CMC team is one of two development groups currently bidding to develop the 52-acre Miami Beach Convention Center District. The team is comprised of top talent from Miami and many of the world's most qualified expert professionals, representing pioneers in their respective fields.