The Rubell family just scored a $20 million refinancing for its Albion Hotel in Miami Beach, which is undergoing renovations.
Property records show a company led by art collector and property investor Jason Rubell, of the family-owned Rubell Hotels, secured the mortgage from Bank of America. It takes over a previous $17.6 million loan that was issued in 2008 by the same lender, and adds about $6 million to the outstanding debt, which was about $14 million, records show.
The Rubells bought the property in 1996 for $5.25 million and completed a multimillion dollar renovation of its public spaces and guest rooms in 2016.
They have since continued to update the art-centric hotel. Records show Albion Associates Limited filed a notice of commencement with Miami-Dade County in February for the complete removal of the pool deck on the north and west side to be replaced with a new structure. A representative at the hotel said the pool remains closed and is expected to reopen in October.
Jason Rubell was not immediately available to comment. The family also owns the Rubell Family Collection and Contemporary Arts Collection in Wynwood.
The Albion Hotel was designed in the 1930s by renowned architect Igor B. Polevitzky. The building is attached to a 35,000-square-foot retail and commercial space along Lincoln Road, also owned by the Rubell family.