MIAMI—The former Biltmore Terrace Hotel traded for $65 million, but that's not the whole story. Carlton Group arranged about $100 million for the buyer behind the scenes.
Now known as the Howard Johnson Hotel and located at 8701 Collins Avenue in Miami Beach, the debt deal helped fund the buy of the former Biltmore for Bizzi Development and Terra Capital's acquisition of this prime two-acre site with its 200 feet of direct ocean frontage.
Carlton chairman Howard L. Michaels and Chase Chehade closed the debt financing in less than 30 days, paving the way for his client's opportunistic acquisition of the iconic asset. Carlton accessed a balance sheet lender and coordinated the equity with a three party “best in class” development consortium which consists of Bizzi, Terra, and the Vector Group.
Carlton arranged an approximate $100 million multi-tranched capital stack, which facilitated the acquisition and impending renovation of the hotel. Howard Johnson Hotel offers 227 rooms.
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