Dilido Beach Resort, a joint venture between Lionstone Development and Flag Luxury, closed on $210 million in refinancing for the Ritz-Carlton South Beach.
Cantor Commercial Real Estate and Societe Generale executed the refinancing, according to a press release. Greenberg Traurig and Eastdil Secured represented the hotel’s ownership.
The 375-room property, built in 1953, features more than 20,000 square feet of meeting and conference space, a 16,000-square-foot spa, and two poolside lanai wings. Morris Lapidus designed the building, which went through a $200 million restoration in 2003. The Lowenstein family bought the hotel, formerly the Di Lido, in 1971, according to a press release about the renovation.
Lionstone CEO Alfredo Lowenstein partnered with New York-based Flag Luxury in 1997 to rebrand the property at 1 Lincoln Road as a Ritz-Carlton. Previous sales information is not available in county records.