Starwood Capital closes on $250M loan for 1 Hotel South Beach
18-story tower includes the 426-room hotel
October 20, 2015 10:30AMBy Katherine Kallergis
An aerial view of 1 Hotel & Homes
Starwood Capital Group, LeFrak and Invesco, which completed 1 Hotel South Beach earlier this year, have closed on a $250 million refinancing, county records show.
The loan covers the 426-room hotel at 2377 Collins Avenue.
SB Hotel Owner LP, led by Starwood’s senior vice president of asset management Robert Geimer, was recorded as the borrower. Deutsche Bank is the lender in the refinancing. A JLL team led by Dustin Stolly, Gregory Rumpel, Mike Huth and Brett Rosenberg arranged the loan, according to the commercial brokerage.
“We saw an incredible amount of interest from the lending community to finance this hotel,” Stolly said in a statement.
The 18-story 1 Hotel & Homes South Beach was developed on the site of the former Gansevoort Hotel, which was last branded as the Perry South Beach. The property, which is adjacent to the W South Beach, was sold to affiliates of Starwood, LeFrak and Invesco in February of 2012. 1 Hotel is located at 2341 Collins Avenue in Miami Beach. The 239 residences, not included in the loan, are at 2399 Collins Avenue. 1 Hotel & Homes opened in March and began recording condo closings on April 22.
Amenities include four swimming pools; a spa and gym; Beachcraft restaurant, led by celebrity chef Tom Colicchio; and an STK steakhouse. Soul Cycle will open on site in early 2016, according to a press release.
In September, Starwood Capital paid $82 million for two Miramar business parks, Miramar Center I and Huntington Centre I.
Source: The Real Deal