Hyatt South Beach developer gets $29M loan

Miami /
Nov.November 05, 2013 01:00 PM

The developer of the Hyatt South Beach has obtained nearly $29 million in construction financing for the 105-room hotel.

A company managed by Miami-based Robert Finvarb Companies received the loan Friday from BB&T, according to Miami-Dade County records. It plans to replace the Tropical Gardens apartment building with the hotel at 1600 Collins Avenue, part of South Beach’s Art Deco district. Construction is expected to begin by year’s end, with the hotel scheduled to open in 2015.

Plans for the 10-story hotel include an outdoor swimming pool, fitness center and 10,000 square feet of ground-floor retail space. Miami architect Kobi Karp designed the project. The Miami Beach Historic Preservation Board approved the demolition of the rear of the Tropical Gardens building in September. The front of the building is expected to remain intact.

Robert Finvarb has developed 11 hotels totaling about 2,000 rooms operating under numerous Marriott brands in six states and the District of Columbia.

The Miami Beach hospitality market has been rife with investment and development activity this year. One notable recent transaction was the $41.5 million purchase of the former Gianni Versace mansion by the New York-based Nakash and Gindi families last month. The partnership, which owns several Miami Beach hotels, plans to incorporate the 1116 Ocean Drive mansion into its Hotel Victor next door. – Eric Kalis


Related Articles

arrow_forward_ios
From left: Robert Finvarb and Steven Hidary with 2600-2610 North Miami Avenue
Texas restaurant group inks first deal in Miami
Texas restaurant group inks first deal in Miami
2201 Collins Avenue (Google Maps)
Zaha Hadid’s former W South Beach condo sells — again
Zaha Hadid’s former W South Beach condo sells — again
Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
Inside RH’s plans for $100M renovation of Miami Beach hotel
Inside RH’s plans for $100M renovation of Miami Beach hotel
Allied Partners founder Eric Hadar and The Savoy Hotel & Beach Club at 425 Ocean Drive (Google Maps, Getty)
Investor seeks $50M for allegedly botched Ocean Drive hotel repairs
Investor seeks $50M for allegedly botched Ocean Drive hotel repairs
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
A rendering of the proposed office building and Michael Shvo (Kobi Karp, Shvo)
Michael Shvo plans second Miami Beach office project
Michael Shvo plans second Miami Beach office project
1665 Alton Road, Retail
After $39M sale, Robert Shor picks up another South Beach retail property
After $39M sale, Robert Shor picks up another South Beach retail property
(Getty)
Here are the resi projects planned for downtown Miami
Here are the resi projects planned for downtown Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...