Grand Hyatt Miami Beach hotel secures $392m in construction financing
US-based real estate developers Terra and Turnberry have successfully obtained $392m in construction loans to further the development of South Florida’s first Grand Hyatt-branded hotel at Miami Beach.
This financial backing comes from investment management platform TYKO Capital, supported by Elliott Investment Management and led by Adi Chugh.
This hotel will feature 800 rooms across 17 floors and is located next to the Miami Beach Convention Center.
Following the completion of initial site work, this funding ensures that construction can begin, with the project’s completion expected toward the end of 2027.
Turnberry chairman and CEO Jackie Soffer and Terra CEO David Martin said: “With construction financing in place and strong public support behind us, we are eager to bring this landmark hotel to life.
“Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach’s hospitality offerings, elevating the conventions and events that come to our community while creating jobs, new revenue and economic impact.”
Poised to become a hub for the Miami Beach Convention Center visitors, the property is strategically situated at 17th Street and Convention Center Drive.
The hotel’s resort-style amenities are designed to cater to both leisure and business guests.
Hyatt Americas Group President Pete Sears said: “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.
“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.”
Designed by Arquitectonica’s Bernardo Fort-Brescia, the hotel will feature 12 floors of guest rooms, encompassing 52 suites.
The property will also feature meeting and ballroom spaces across four floors, a resort-style pool deck, a restaurant, a lobby lounge and bar, and retail space.
A climate-controlled sky bridge will connect the hotel to the Miami Beach Convention Center, providing access for guests.
This financial boost follows a $75m grant awarded to the development by the Miami Beach Redevelopment Agency late last year.
The project aligns with Miami Beach’s sustainability and resilience goals, introducing new public spaces, pedestrian promenades, bike-sharing stations, and improved public transit connections.
The concept of the Grand Hyatt Miami Beach has been in development since Miami Beach voters approved the hotel plans in 2018.
