The developer behind the planned Hotel Indigo in the Brickell area closed on $34.5 million in financing from Ocean Bank on Friday with plans to break ground soon.
West Brickell Hotel LLC, led by Pedro F. Villar, is the developer behind the 140-key hotel and restaurant. Indigo, which is part of the InterContinental Hotel Group, will brand the hotel. The LLC is a joint venture between HES Group and Sunview Companies, IHG previously announced.
The 24-story project, at 145 Southwest 11th Street, will also include an additional 90-room luxury extended stay Sojourn. West Brickell Hotel paid an undisclosed amount for the property in 2013, according to Miami-Dade County records. It’s located within walking distance of the Aloft Miami-Brickell, which Sunview developed, as well as the Brickell Metrorail station. Homewood Suites has also entered the Brickell market. It opened at 1750 Southwest First Avenue in July.
The Indigo, a $56 million project, will include 2,000 square feet of meeting space, a gym, and outdoor pool with a bar and grill. It’s seeking LEED certification and will break ground within 10 days.
Ocean Bank senior vice president and regional manager Jorge Hernandez and executive vice president Ralph González-Jacobo arranged the financing on behalf of the bank. Villar and Francisco Arocha represented the developer. Holland & Knight attorneys Josias Dewey, a partner, and Elena Otero, an associate, advised Ocean Bank.
A former Hotel Indigo in Miami’s Dadeland area, now operating as Miami Dadeland Hotel, sold for nearly $19 million in June. Currently, the boutique hotel brand only operates in Miami Lakes, at 7601 Miami Lakes Drive.