$103M bridge loan will complete Miami Beach hotel

MIAMI BEACH, Florida — A joint venture featuring New York City-based The Chetrit Group, Montreal-based The Jesta Group, and Pine Brook, New Jersey-based The Lotus Group has secured a $103 million bridge loan to support the recapitalization and completion of the 289-key Hilton Miami Beach Convention Center Hotel, a redevelopment project adjacent to the Miami Beach Convention Center in Miami Beach, Florida.

The Hilton Miami Beach Convention Center Hotel redevelops the historic Collins Park Hotel site, originally constructed between 1938 and 1953 and comprised of seven buildings designed by prominent Miami architects L. Murray Dixon and Albert Anis.

Atlanta-based Peachtree Group originated the loan. The site is designated by the City of Miami Beach Historic Preservation Board, making the redevelopment both architecturally significant and complex.

“Projects like this require thoughtful structuring given the complexity of historic redevelopment and construction completion,” said Jared Schlosser, head of originations and CPACE at Peachtree. “That complexity is exactly why sponsors seek lending partners with the experience and balance sheet to structure capital solutions and help move projects forward.”

The Hilton Miami Beach Convention Center Hotel is expected to open in May and will sit near the Miami Beach Convention Center and is two blocks from the ocean, positioning it to capture both group and leisure demand in one of South Florida’s most active meetings and tourism markets.

In 2020, the convention center underwent about $640 million in renovations and now features approximately 1.4 million sq. ft. of event space. It will be anchored by an adjacent 800-key Grand Hyatt Miami Beach hotel, which is scheduled to open in late 2027.

So far this year, Peachtree has completed 17 transactions totaling $504 million in originations, including nine hotel financings representing $253 million.