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.”
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.