Fort Partners Refinances Four Seasons Resort Palm Beach

Fort Partners and Blackstone Real Estate separately landed nine-figure refinancing mortgages for hotels in Palm Beach and Brickell totaling $546 million.

Blackstone Real Estate, led by Nadeem Meghji, secured $205 million from JPMorganChase for the East Miami hotel at 788 Brickell Plaza, in Brickell City Centre.

The New York-based real estate investment giant bought the 352-key last year from Trinity Investments and Certares Real Estate Management for $300 million — marking one of the largest hotel deals in South Florida’s tri-county area.

The 536,000-square-foot hotel rises 40 stories and includes 89 serviced apartments, a 20,000-square-foot pool deck, South American eatery Quinto on the fifth floor, and Asian fusion restaurant Sugar and Tea Room speakeasy on the 40th floor rooftop.

The East Miami connects with the 5.4 million-square-foot Brickell City Center, which has retail, offices and the 43-story Reach and Rise condo buildings.

Swire Properties developed the East Miami and Brickell City Centre, which were completed in 2016. Last year, Swire sold its 75 percent stake in the retail and parking components of Brickell City Centre to Simon Property Group for $512 million. Major tenants include Saks, Zara, H&M and Motek. In 2020, Swire sold the development’s two office towers for $163 million to Northwood Investors. Tenants include McKinsey & Company, Bloomberg, Akerman, KPMG and WeWork.

Blackstone also owns the 346-room W Fort Lauderdale, which it purchased from billionaire Steve Ross’ Related Companies in 2024 for $97.7 million. Last month, the company secured $115 million from JPMorgan to refinance the waterfront property.

Up north in Palm Beach, Fort Partners obtained $341 million for the Four Seasons Resort Palm Beach at 2800 South Ocean Boulevard.

JPMorgan and Citi Real Estate Funding boosted the loan by $103 million from its existing balance of $238 million, records show.

The four-story oceanfront hotel features 207 rooms, an 11,000-square-foot spa, a 6,000-square-foot ballroom, 22,000 square feet of meeting rooms, 6,000 square feet of fitness facilities, a tennis court and two pools with direct access to a private beach on the Atlantic Ocean. The resort is home to Florie’s, the only U.S. restaurant by Michelin-distinguished chef Mauro Colagreco, along with Seaway, Florie’s Terrace and the Cocoanut Café.

Developed by Key International and completed in 1989 as the Ocean Grand, Four Seasons took over management in 1994. Fort Partners acquired the hotel in 2014 for an undisclosed price and completed a major renovation in 2019.

The Four Seasons Resort Palm Beach is widely touted as one of the most iconic hotels on the island, alongside The Breakers Palm Beach and The Colony Hotel.

Fort Partners owns all four Four Seasons-branded hotels in South Florida which include the Four Seasons Hotel Miami in Brickell, the Four Seasons Hotel and Residences at The Surf Club in Surfside and the Four Seasons Hotel and Residences Fort Lauderdale. It developed the ones in Surfside and Fort Lauderdale, and paid $130 million in 2021 for the one in Brickell.

In 2023, Fort Partners secured $410 million refinancing for the Four Seasons Resort at the Surf Club and the Four Seasons Resort Palm Beach, according to the credit rating agency DBRS Morningstar. Citi Real Estate Funding and German American Capital were the originators of the four-year interest only loan with a fixed rate of 8.7 percent.