Think Hotel Group just received a $22 million loan from Blue Vista Finance for the recently renovated Clinton Hotel in South Beach.
The hospitality firm recently completed an 18-month, multimillion-dollar renovation of the 88-key hotel at 825 Washington Avenue, including a full restoration of the lobby’s layout using the original 1930’s Spanish tile, a fully renovated pool and courtyard, as well as full renovations to all of its guest rooms. Think Hotel Group also added a new onsite Brazilian restaurant, Falsa Limonada.
A spokesperson for the developer declined to comment on the loan.
Think Hotel Group purchased the Miami Beach property for $28.5 million in June 2015, more than four times its previous sale in 2007, records show. The company also owns and operates The Plymouth Miami Beach, Boulan South Beach and South Beach Hotel.
Nearby at 1685 Washington Avenue, the Finvarb Group is planning to build a 150-room hotel under the Thompson Hotels brand. The proposal received a recommendation for approval from the Miami Beach Planning Board last month, but still needs approval from the Miami Beach Historic Preservation Board.
In 2015, Miami Beach commissioners approved an ordinance designed to bring hotels, fine dining and new retail to Washington Avenue. David Lichtenstein’s Lightstone Group is also planning Moxy South Beach, a seven-story, 202-room boutique hotel to replace aging storefronts at 915 to 947 Washington Avenue.