The Real Deal Miami

No lender will back Ritz-Carlton project

December 11, 2008 06:26PM

Developers Fortune and Lionstone said this week they are suspending a
planned Miami Beach Ritz-Carlton timeshare and condominium resort
because lenders have refused to support the $200 million project. The
Ritz-Carlton Club and Residences offered timeshare units and
traditional condominiums starting from $900,000. Diego Lowenstein, CEO
of Lionstone, said the development partners would be pursuing another
hotel at the same site, at 29th Street and Collins Avenue.