On behalf of a joint venture between Starwood Capital Group, LeFrak and Invesco Real Estate, JLL announced the firm has secured a $250 million in refinancing for 1 Hotel South Beach, which opened in March after a complete renovation. The luxury, eco-conscious hotel is located in the heart of South Beach, Miami’s popular destination and the first of three hotels being developed as part of Starwood Capitals and management company, SH Group, launch of the “1 Hotel” brand. Deutsche Bank provided the loan.
Managing Directors Dustin Stolly and Gregory Rumpel and Senior Vice Presidents Mike Huth and Brett Rosenberg led the JLL team on the transaction.
“This brand new property is located in the highly coveted South Beach submarket and is backed by best-in-class sponsorship and management,” said Stolly. “We saw an incredible amount of interest from the lending community to finance this hotel.”
Added Rumpel, “Miami is one of the top performing lodging markets in the country right now. Given its strong fundamentals and numerous demand drivers, many investors and lenders are seeking presence in the market.”
The 4.5-star property hotel totals 426 rooms and features four elevated swimming pools; a spa and fitness center; private beach access; sweeping views; the Beachcraft Restaurant, a farm-to-table establishment operated by celebrity chef Tom Colicchio; and an STK Steakhouse. The location will welcome the first Soul Cycle in South Beach in early 2016.
The 1 Hotel brand is SH Groups eco-friendly, luxury hotel concept and is built to LEED-certification standards.