Future Miami Hotel Indigo secures $34.5M in financing

The developer behind the planned Hotel Indigo in the Brickell neighborhood of Miami closed on $34.5 million in financing from Ocean Bank.

West Brickell Hotel, led by Pedro F. Villar, is the developer behind the 140-key hotel and restaurant. The property will operate under the Hotel Indigo brand. The comapny is a joint venture between HES Group and Sunview Companies.

FREE DAILY NEWSLETTER

Like this story? Subscribe to Operations!

Hospitality professionals turn to Operations as their go-to source for breaking news on guest rooms, food & beverage, hospitality trends, management, and more. Sign up today to get news and updates delivered to your inbox daily and read on the go.

The 24-story project, at 145 Southwest 11th Street, will also include an additional 90-room luxury extended stay Sojourn. West Brickell Hotel paid an undisclosed amount for the property in 2013. It’s located within walking distance of the Aloft Miami-Brickell, which Sunview developed, as well as the Brickell Metrorail station. Homewood Suites has also entered the Brickell market. It opened at 1750 Southwest First Avenue in July.

The Indigo, a $56-million project, will include 2,000 square feet of meeting space, a gym and an outdoor pool with a bar and grill. It’s seeking LEED certification.

Ocean Bank senior vice president and regional manager Jorge Hernandez and executive vice president Ralph González-Jacobo arranged the financing on behalf of the bank. Villar and Francisco Arocha represented the developer. Holland & Knight attorneys Josias Dewey, a partner and Elena Otero, an associate, advised Ocean Bank.

A former Hotel Indigo in Miami’s Dadeland area, now operating as Miami Dadeland Hotel, sold for nearly $19 million in June. Currently, the boutique hotel brand only operates in Miami Lakes, at 7601 Miami Lakes Drive.

Suggested Articles

The latest report from STR shows negative year-over-year results in the three key performance metrics during the week of July 7-13.

Ritesh Agarwal, the company's 25-year-old founder and CEO, has signed a $2 billion primary and secondary management investment round.

The Omni Viking Lakes Hotel will include several food-and-beverage venues, 35,000 square feet of meeting space and a spa.