Witkoff Group and its partner the Carlyle Group have closed a $45 million loan for the Washington Park Hotel, a redeveloped Art Deco property in Miami Beach.
Steve Witkoff, chairman and CEO of the New York-based real estate investment company, told The Real Deal that construction is nearly completed on the 182-key property, which opened to guests in March. Records show Ladder Capital Finance is the lender.
Highgate, a hospitality investment and management company based in New York City, is operating the Washington Park, at 1050 Washington Avenue. It includes a pool, restaurant and bar. The developers gut-renovated the five buildings and added penthouses, Witkoff said.
Rates start at $179 for a standard room, according to the hotel’s website.
Witkoff told TRD that Miami “a gateway market,” and that he’s open to acquiring more property in South Florida. The developer purchased the Art Deco hotel, formerly known as the Wyndham Garden Hotel Miami South Beach, from Majestic Organization for $25.5 million in 2013. Before that, it underwent a $5.5 million renovation.
Earlier this month, Witkoff spoke out about the new development markets in New York City and Miami, calling Miami “a brewing storm and it’s going to get even worse out there (…) and I think in part we’re going to see it in New York.”