Ritz-Carlton South Beach closes $210M refi
Owners spent $200M restoring the hotel in 2003
March 28, 2016 06:00PM
Ritz-Carlton South Beach at 1 Lincoln Road
Dilido Beach Resort, a joint venture between Lionstone Development and Flag Luxury, closed on $210 million in refinancing for the Ritz-Carlton South Beach.
Cantor Commercial Real Estate and Societe Generale executed the refinancing, according to a press release. Greenberg Traurig and Eastdil Secured represented the hotel’s ownership.
The 375-room property, built in 1953, features more than 20,000 square feet of meeting and conference space, a 16,000-square-foot spa, and two poolside lanai wings. Morris Lapidus designed the building, which went through a $200 million restoration in 2003. The Lowenstein family bought the hotel, formerly the Di Lido, in 1971, according to a press release about the renovation.
Lionstone CEO Alfredo Lowenstein partnered with New York-based Flag Luxury in 1997 to rebrand the property at 1 Lincoln Road as a Ritz-Carlton. Previous sales information is not available in county records.
Lionstone, which maintains principal ownership of the hotel, also developed the EPIC Hotel & Residences in downtown Miami and the Ritz-Carlton Bal Harbour. – Katherine Kallergis
Source: The Real Deal