The owners of Miami Beach's Loews hotel received a $175-million loan courtesy of the U.S. office of Germany's Deutsche Bank for refinancing.
According to the Daily Business Review, New York-based German American Capital provided the financing to MB Redevelopment, which owns the the Loews Miami Beach. This is not the first loan the hotel has received from Deutsche Bank. The bank lent the operator $51 million back in October 2001, and $150 million more in March 2005, part of which retired the earlier loan.
More in Miami
In other developments for the city, the b2 hotel in Miami was sold for $57.5 million by a joint venture between the Weston-based InSite Group and the Washington D.C.-base Carlyle Group. The South Florida Business Journal reported that the InSite sold the 241-room property to HHR Eat Downtown Miami, an affiliate of Arizona-based Investment Property Exchange Services.
The hotel was originally known as the Continental Hotel Bayside, and was bought by InSite and the Carlyle Group in September 2011 for $13.5 million from 316 Northeast Second Street Owner, who picked up the hotel for $31 million in 2005.
Miami is also gearing up to offer more low to mid-level hotels in the near future. According to Miami Today News, a report from the Greater Miami Conventions & Visitors Bureau found that more than 2,500 new hotel rooms are expected to enter operation in the city in 2015. Approximately 3,000 hotel rooms were scheduled to open in the city in 2014, which includes high-end properties such as the Thompson Hotel, as well as multiple economy hotels.
“There long been a significant build-out on the mid- to high-end of hotels. Now, our portfolio is continuing to be rounded out,” Roland Aedo, the bureau’s VP of tourism marketing, said. "We want to be a destination that has a product line for as many customers as possible."