MIAMI — Newmark has arranged two loans totaling $1.75 billion for the refinancing of a pair of hotel resorts in Miami. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon of Newmark arranged the loans on behalf of the borrower, national hospitality owner-operator Fontainebleau Development.
In the first deal, the Newmark team arranged a $1.2 billion loan through Goldman Sachs for Fontainebleau Miami Beach. Originally developed on 22 acres in 1952, the beachfront property totals 1,594 guestrooms across four towers and features a newly built convention center. Amenities include 11 pools with luxury cabanas; nine food-and-beverage outlets; three nightlife and lounge venues; 200,000 square feet of meeting and event space; and a 40,000-square-foot spa with a 5,800-square-foot fitness center.
In the second transaction, the quartet of financial intermediaries placed a $550 million loan through J.P. Morgan for the JW Marriott Miami Turnberry Resort & Spa. Built in 1967 and renovated and expanded in 2019, the 270-acre resort comprises 685 guestrooms; two golf courses with a private country club; 120,000 square feet of meeting and event space; six restaurants and lounges; a waterpark; and a 25,000-square-foot spa.
“These financings underscore the enduring appeal of South Florida’s premier hospitality assets,’’ says Roeschlaub, who serves as Newmark’s co-president of global debt and structured finance. “The Fontainebleau Miami Beach and JW Marriott Miami Turnberry Resort & Spa are iconic destinations and exemplars of innovation in the luxury resort market. These transactions highlight the confidence that institutional capital has in best-in-class assets and operators in this dynamic region.’’
Based in South Florida, Fontainebleau Development owns and operates luxury hospitality properties, as well as residential developments, throughout the country. The company’s portfolio comprises thousands of residential units and hotel rooms, as well as several million square feet of office and retail/restaurant space.
— Taylor Williams