MIAMI — Dilido Beach Resort LLC, a joint venture between Lionstone Development and Flag Luxury, has received a $210 million loan for the refinancing of The Ritz-Carlton South Beach.
Greenberg Traurig and Eastdil Secured arranged the loan, which will be used for planned capital improvements to the hotel, through lenders Cantor Commercial Real Estate (CCRE) and Societe Generale.
The 375-room luxury hotel was originally built in 1953, and has been restored to reflect the original Morris Lapidus design.
Located within walking distance of Ocean Drive and Lincoln Road in Miami, the hotel features an oceanfront infinity pool with private day beds, the DiLido Beach Club, two restaurants, a $2 million art collection featuring established and emerging artists, a 16,000-square-foot spa and 20,000 square feet of conference space.
The resort underwent a $10 million renovation in 2012, according to reports by the South Florida Business Journal. The restoration, led by Miami-based interior designer Linda Zarifi, included the redesign of its 375 guest rooms.
“We are very pleased to secure this financing for our flagship hotel,” says Paul Kanavos, CEO and chairman of Flag Luxury. “South Beach is a vibrant and diverse hospitality market and we are proud to be the leaders in this market today and for years to come.”
— Katie Sloan