Think Hotel Group closes $22M loan for Clinton Hotel in South Beach

Renovations included a full restoration of the lobby’s layout using the original 1930's Spanish tile

Jul.July 16, 2018 05:00 PM

Clinton Hotel in South Beach (Credit: Think Hotel Group)

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.

Related Articles

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman)

Is it the water? Longevity expert buys Continuum South Beach condo

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Steve Klein, David Berg and 1200 Ocean Drive 

Infinity sells Ocean Drive building to Apple Core for $33M

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019