The Real Deal New York

Starwood, LeFrak and Invesco score $250M loan for 1 Hotel South Beach

426-key hotel is the largest in the brand

October 20, 2015 01:00PM
By Katherine Kallergis


1 Hotel South Beach in Florida (inset: Barry Sternlicht and Dustin Stolly)

From the South Florida website: Starwood Capital Group, LeFrak and Invesco, which completed 1 Hotel South Beach earlier this year, have closed on a $250 million refinancing. 

The loan covers the 426-room hotel at 2377 Collins Avenue.

SB Hotel Owner LP, led by Starwood’s senior vice president of asset management Robert Geimer, was recorded as the borrower. Deutsche Bank is the lender in the refinancing. A JLL team led by Dustin Stolly and Gregory Rumpel arranged the loan, according to the commercial brokerage.

Starwood obtained $125 million in refinancing in September for the new 1 Hotel Central Park.

The 18-story 1 Hotel & Homes South Beach was developed on the site of the former Gansevoort Hotel, which was last branded as the Perry South Beach. The property, which is adjacent to the W South Beach, was sold to affiliates of Starwood, LeFrak and Invesco in February of 2012. 1 Hotel is located at 2341 Collins Avenue in Miami Beach. The 239 residences, not included in the loan, are at 2399 Collins Avenue. 1 Hotel & Homes opened in March and began recording condo closings on April 22.

Amenities include four swimming pools; a spa and gym; Beachcraft restaurant, led by celebrity chef Tom Colicchio; and an STK steakhouse. Soul Cycle will open on site in early 2016, according to a news release.

In September, Starwood Capital paid $82 million for two Miramar business parks, Miramar Center I and Huntington Centre I.