CitizenM scores $48M loan to build Brickell hotel

Miami /
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.


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