Fontainebleau Development has secured a total of $1.75 billion so it can refinance to resorts in South Florida. They come courtesy of multiple loans arranged by Newmark from Goldman Sachs and J.P. Morgan.
One of them is for its Fontainebleau Miami Beach luxury hotel for $1.2 billion. The other refinancing is for $550 million and applies to Fontainebleau's JW Marriott Miami Turnberry Resort & Spa.
Fontainebleau Miami Beach was first developed in 1952 and features nearly 1,600 rooms. Also, the four-tower asset contains 200,000 square feet of event and meeting space, a spa and a fitness center, 11 pools, and nine refreshment outlets.
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JW Marriot has been around for more than 50 years, with renovation and expansion happening in 2019. The 685-room resort includes six restaurants and lounges, two golf courses, a water park, a spa, and 120,000 square feet of event and meeting space.
Newmark's Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Tyler Dumon and John Caraviello helped secure the financing for both deals.
"These financings underscore the enduring appeal of South Florida's premier hospitality assets," said Roeschlaub in a statement.
"The Fontainebleau Miami Beach and JW Marriott Miami Turnberry Resort & Spa are iconic destinations and exemplars of innovation in the luxury resort market. These transactions highlight the confidence that institutional capital has in best-in-class assets and operators in this dynamic region."
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