Westbrook Partners lands $80M loan for Four Seasons Brickell
Westbrook acquired majority ownership of 221-key hotel in 2010
December 31, 2015 10:30AMBy Katherine Kallergis
Four Seasons Miami
New York-based Westbrook Partners has closed on $80 million in financing for the hotel and shared components of the Four Seasons tower in Miami’s Brickell neighborhood.
Miami-Dade County records show that VII MP Miami Hotel Owner LLC, a Westbrook affiliate, took out the loan for the property at 1435 Brickell Avenue. Delaware Life Insurance Company is the lender.
Westbrook acquired a majority stake in the 221-key luxury hotel in 2010 as part of a three-hotel deal with Millennium Partners, paying $40 million to eliminate debt on the Miami property, the Wall Street Journal reported at the time. The sale went through county records at $29.5 million, which at the time was 65 percent less than its assessed value.
The property, also known as the Millennium Tower condo hotel, was developed in 2003 by Millennium Partners. The 70-story, 789-foot tower is currently the tallest in Florida. Hotel amenities include two resort-style pools, a 24-hour business center, private cabanas and access to Equinox fitness classes and a spa.
The Four Seasons also has two restaurants: Edge Steak & Bar and Bahia. The property is in the heart of Brickell, near Brickell City Centre, which when completed will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel.
Earlier this year, Gaedeke Group paid $142 million for the Espirito Santo Plaza, at 1395 Brickell Avenue. The Conrad Miami, on the same property as the Espirito Santo Plaza, was listed for sale in July and expected to sell for more than $100 million.
Source: The Real Deal