CitizenM scores $48M loan to build Brickell hotel

The hotel will have 252 rooms and will span 160,000 square feet

Dec.December 05, 2019 02:30 PM
Rattan Chadha, Executive Chairman & Founder of CitizenM

Rattan Chadha, Executive Chairman & Founder of CitizenM

CitizenM scored a $48.3 million construction loan to build a new hotel at the former site of Perricone’s Marketplace & Cafe in Brickell.

The hotelier secured the loan from Manufacturers and Traders Trust Co. for the 252-key hotel at 955 South Miami Avenue in Miami.

The Netherlands-based hotel chain is also planning to build hotels in Miami Beach, on the corner of Alton and Lincoln roads, as well as in downtown Miami as part of Miami Worldcenter.

The Brickell hotel will span about 160,000 square feet and will be 18 stories tall. Steven J. Perricone, the owner of Perricone’s Marketplace & Cafe, is expected to reopen at 1700 Southwest Third Avenue.

CitizenM bought the site from Perricone for $16.2 million in 2017.

Brickell is seeing a number of new hotels. Habitat Group is constructing a project at 239 Southwest 9th Street with 50 hotel rooms and 50 condos that is planned for completion in 2021. In August, Robert Finvarb and Tony Cho closed on a $67 million loan for a mixed-use hotel near Brickell City Centre at 115 Southwest Eighth Street, records show.

Related Articles

Z Ocean Hotel

Developers misrepresented Z Ocean Hotel’s dire finances: judge

321 North Federal Highway and a rendering of the project (Credit: Google Maps)

Dania Beach approves Avid Hotel on Federal Highway

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

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Sleep Inn Miami Airport, Holiday Inn Express Miami Airport Central Miami, Gabriel Shamay and David M. Greenberg (Credit: Google Maps)

Amid supply surge, 2 hotels near MIA sell for $21M

Javier Rabinovich and 2301 Southwest 12 Avenue (Credit: Google Maps)

Privé Group snags hotel near Fort Lauderdale airport for $17M

Rendering of hotel addition at Sterling Building (Credit: Kobi Karp Architecture & Interior Design)

Sterling Building on Lincoln Road scores hotel approval