Hyatt South Beach developer gets $29M loan

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

Condo at Glass Miami Beach sells at 15% loss

Condo at Glass Miami Beach sells at 15% loss

Cavalier and Henrosa hotels with Susan Gale of One Sotheby’s International Realty

Two South Beach hotels hit the market for $42M

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

Robert Finvarb and an aerial view of the properties (Credit: Google Maps)

Finvarb moves forward with mixed-use apartment project in North Beach

Apartment rent growth is slowing in downtown Miami (Credit: iStock)

Apartment pricing slowdown: Rents are cooling in downtown Miami, report says

Marcelo Tenenbaum and Jorge Savloff with the current building next to a rendering of the project

Historic preservation board rejects Blue Road’s plans for South Beach hotel

224 2nd street in Miami Beach and John Marshall (Credit: Google Maps)

Tech entrepreneur plans private school in South Beach

Raleigh hotel with Michael Shvo (Credit: Trip Advisor)

Michael Shvo wants to build a 200-foot tower near his South Beach hotels