Finally, Terra and Turnberry appear to be set to begin the groundbreaking process for their Miami Beach hotel project after years of planning. The two developers have secured $392 million in construction financing from TYKO Capital.
The project, called Grand Hyatt Miami Beach, calls for 800 hotel rooms and 17 stories, with about 12 floors reserved for guests. Also included are 52 suites, ballroom and meeting spaces, a pool deck, a lobby lounge, a bar, a restaurant, a climate-controlled skybridge, and retail space. Additionally, Terra and Turnberry plan to add bike-sharing stations, new public spaces, promenades, and connectivity to public transit to the development.
The intentions for the property are to serve as the first major hotel that's accessible through the skybridge and adjacent to the Miami Beach Convention Center, according to the two developers.
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While an exact groundbreaking date hasn't been revealed, the duo forecasts that Hyatt Miami Beach will deliver in late 2027.
The construction loan comes seven years after Miami Beach voted to approve the project. However, Terra and Turnberry have taken some time since then to finalize the designs, secure financing, and prepare for construction, according to a spokesperson affiliated with the project. In late 2024, the project was given a $75 million grant from the Miami Beach Redevelopment Agency.
As things stand, Miami Beach is seeing no shortage of demand. A report from the Greater Miami Convention & Visitors Bureau revealed that hotels in the market for February have seen a 3.4 percent year-over-year increase in occupancy. Additionally, revenue per available room has surged by 8.4 percent, while median daily rates are up by 4.8 percent.
“Miami Beach is an iconic, grand destination known for its dynamic energy, cultural richness and world-class hospitality, and we are thrilled to introduce our Grand Hyatt brand to this key leisure and business travel market,” Pete Sears, group president of Americas for Hyatt, said in a statement.
“Grand Hyatt Miami Beach will work to seamlessly blend the destination’s colorful, vibrant spirit with the brand’s bold architecture, inventive restaurants and luxury accommodations. We look forward to offering guests and World of Hyatt members a new way to experience Miami Beach in a setting that will be as inspiring as the city itself.”
Also, the construction financing comes a day after Terra announced it teamed up with Fortune International Group to purchase a Key Biscayne beach resort that's just south of Miami beach, for $205 million.
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