Miami Mortgage News

167- Starwood Capital secures $250 million loan for 1 Hotel South Beach

April 18th, 2017 6:13 PM by Nour Ailan

Starwood Capital secures $250 million loan for 1 Hotel South Beach

Starwood Capital Group has scored a major loan for the former Perry South Beach Hotel, which reopened as the 1 Hotel South Beach after a $100 million renovation.

Miami-Dade County property records show that the company secured $250 million in financing from Deutsche Bank for the property at 2377 Collins Ave. in Miami Beach.

A $10 million deed was filed in property records in relation to the financing. Both the buyer, 2377 Collins Resort, L.P. and SB Hotel Owner, L.P., are affiliated with the Greenwich, Connecticut-based hospitality company.

"2377 Collins Resort, L.P. transferred title to the hotel portion of the property to a related entity with the same ownership — SB Hotel Owner, L.P. — in connection with new financing," said a representative from 1 Hotel & Homes South Beach in an email. "The prior financing was secured by the hotel portion of the property and by other portions of the property (e.g., condominium units in 2399 Collins Avenue Condominium). There was no change in the ultimate beneficial ownership of any of the property."

In 2012, Starwood Capital, the LeFrak Organization and Invesco Ltd. bought the property for about $230 million. The building has 426 hotel rooms and 154 hotel condo units.

When the consortium bought the property in February 2012, it was called the Gansevoort. It was then rebranded to The Perry South Beach in 2013, and in March 2015, the 18-story property was rebranded again as the 1 Hotel South Beach.

The 1 Hotel South Beach boasts 600 feet of beachfront, a rooftop pool, a spa and fitness center, and private beach amenities.


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