Terra and Turnberry are preparing to break ground on the Grand Hyatt Miami Beach hotel at the Miami Beach Convention Center after obtaining a $392 million construction loan.
New York-based Tyko Capital, a private equity lender backed by billionaire Paul Singer's Elliott Investment Management, provided the mortgage for the project. Eastdil Secured arranged the financing.
Located at 17th St. and Convention Center Drive, the 17-story hotel will have 800 rooms, five restaurants, 1000,000 square feet of meeting space and a direct connection to the Convention Center through a skybridge.
"With construction financing in place and strong public support behind us, we are eager to bring this landmark hotel to life," David Martin, CEO of Terra, and Jackie Soffer, chairman and CEO of Turnberry, said in a joint statement. "Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach’s hospitality offerings, elevating the conventions and events that come to our community while creating jobs, new revenue and economic impact."
City voters approved the deal with hotel developers in 2018. Then last year, the city approved $92.5 million in funding for the project through the Miami Beach Redevelopment Agency.
Terra and Turnberry said preliminary site work on the Grand Hyatt has already started and it should be completed in late 2027.
Miami-based Arquitectonica designed the hotel.
"Grand Hyatt Miami Beach is a game-changer for major meeting and event planners and a transformative addition to our convention center ecosystem,” said David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau. “With an unmatched location seamlessly connected to the Miami Beach Convention Center and just steps from world-renowned Miami Beach, this hotel creates a one-of-a-kind experience for meeting planners and attendees alike.”
According to the GMCVB, hotel occupancy in Miami Beach is up 3.4% year-over-year and the revenue per available room has increased 8.4%.
