JLL secures financing for Miami's 1 Hotel South Beach

JLL, on behalf of a joint venture between Starwood Capital Group, LeFrak and Invesco Real Estate, secured $250 million in financing for the 1 Hotel South Beach. Managing directors Dustin Stolly and Gregory Rumpel, and SVPs Mike Huth and Brett Rosenberg led the JLL team on the transaction. The hotel completed a renovation in March.

"Miami is one of the top performing lodging markets in the country right now," Rumpel said. "Given its strong fundamentals and numerous demand drivers, many investors and lenders are seeking presence in the market.”

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 426-room hotel has four elevated swimming pools; a spa and fitness center; private beach access;  the Beachcraft Restaurant; and an STK Steakhouse. The property s also LEED certified.

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.