Newmark Group Inc. arranged $1.2 billion and $550 million loans on behalf of Fontainebleau Development for the refinancing of South Florida resorts Fontainebleau Miami Beach and the JW Marriott Miami Turnberry Resort & Spa, respectively.
Jordan Roeschlaub and Jonathan Firestone, Newmark copresidents, global debt & structured finance, as well as Vice Chairman Nick Scribani, Managing Director Tyler Dumon and Director John Caraviello, secured the financing from Goldman Sachs and J.P. Morgan on both transactions.
“These financings underscore the enduring appeal of South Florida’s premier hospitality assets,” said Roeschlaub. “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.”
The Fontainebleau Miami Beach has remained a landmark destination in Miami Beach for more than 70 years since its original development in 1952, and just delivered a newly built convention center in December. The hotel spans more than 22 acres with 1,594 guestrooms across four distinct towers. Amenities include full-service beachfront access, 11 unique pools with luxury cabanas, nine food and beverage outlets, three nightlife and lounge venues, 200,000 sq. ft. of existing meeting and event space and a 40,000-sq.-ft. spa which includes a 5,800-sq.-ft. fitness center.
The JW Marriott Miami Turnberry Resort & Spa was originally developed in 1967 and underwent an extensive renovation and expansion in 2019. The 270-acre resort includes 685 guestrooms, two golf courses with a private country club, 120,000 sq. ft. of meeting and event space, six restaurants and lounges, waterpark and 25,000-sq.-ft. spa.
The post Newmark arranges $1.75B refi for two Fontainebleau Development resorts appeared first on hotelbusiness.com.
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