Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

MIAMI-New York-based developers Flag Luxury Properties has obtained $181 million in refinancing for the Ritz-Carlton, South Beach in partnership with Miami-based the Lionstone Group.

The 10-year, fixed-rate financing has a rate of 6.37%. The lenders were Credit Suisse First Boston and Barclay’s. Flag Luxury Properties chairman and CEO Paul Kanavos tells GlobeSt.com that the loan was a refinancing of an existing debt. It will provide long-term financing for the property.

The 376-room Ritz Carlton, South Beach was renovated in December 2003. It was a gut renovation of the DiLido Hotel, an original 1953 Morris Lapidus-designed landmark hotel in city’s Art Deco district. Flag Luxury added three floors and 80 rooms to the hotel. The property includes a $2-million original art collection, two restaurants, a 16,000-sf spa featuring La Maison de Beaute Carita, an elevated outdoor pool and 20,000 sf of meeting and conference rooms. “This is one of the best performing hotels in the Ritz-Carlton chain,” Kanavos says. “It’s been extremely successful and that’s been endorsed by the fact that we just received this loan with very favorable terms.”

In addition to the Ritz-Carlton, South Beach, Flag Luxury also owns the Ritz-Carlton Golf Club & Spa, Jupiter; Temenos Anguilla, Ferry Point Golf & Conference Center and 18.25 acres in the center of the Las Vegas Strip. “Flag Luxury is committed to building and maintaining a portfolio of the finest resort hotels and residential properties,” Kanavos says. “This fixed-rate financing of the Ritz-Carlton is consistent with that business strategy.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.