Latest news: $392M loan in Miami Beach; notables refis in Dallas, New York

$392M construction financing in Miami Beach. Miami-based Terra and Aventura, Florida-based Turnberry have secured $392 million in construction financing for the development of the 800-key Grand Hyatt Miami Beach, a 17-story property adjacent to the Miami Beach Convention Center. The financing provided by New York City-based TYKO Capital paves the way for the project’s groundbreaking, with delivery slated for late 2027. In October, Terra and Turnberry secured $75 million in taxpayer money for the development, according to The Real Deal.

$300M Chartres refi in Dallas. San Francisco-based Chartres Lodging Group is close to landing a $300 million CMBS loan to refinance the 1,841-key Sheraton Dallas hotel, the largest hotel in Texas, according to a report in Bisnow. Chartres and Elliott Investment Management acquired the property in 2017 for more than $224 million. The new two-year, floating-rate loan was negotiated with Goldman Sachs and J.P. Morgan and Miami-based Driftwood Capital, which is expected to provide $35 million in mezzanine debt. The report said the Sheraton Dallas was last compared to six competitors in occupancy (50.1%) and second-to-last in ADR ($179.45) and RevPAR ($89.71).

$235M refi for Montauk resort. A pair of New York City-based firms, BLDG Management Co. and Metrovest Equities, have completed $235 million refinancing for the 158-key Gurney’s Montauk Resort & Seawater Spa in Montauk, New York. JLL represented the sponsors in the transaction, securing the financing from a joint venture comprised of Smith Hill Capital and Bain Capital. BLDG and Metrovest have recently completed extensive renovations to the property, which includes eight beachfront cottages and six residences.

CBRE hotel state of the union. February credit spreads contracted 40 basis points year-over-year to 1.6%, according to CBRE’s U.S. Hotels State of the Union report for April. While CMBS loan issuance nearly doubled from $0.5 billion in February 2024 to $0.9 billion in February 2025, the average loan size only increased from $25.2 million to $27.9 million. The average loan count increased from 21 to 31 YOY. The report said February ADR grew 1.4%, which lagged inflation, while occupancy grew 0.5%, resulting in RevPAR growth of 1.9%. Short-term rentals (STRs) continued to take share from hotels, with STR demand growing 4.6% compared to a 1.5% increase in hotel demand. The report also said that healthy top-line growth of 4.5% in January resulted in a 3.3% increase in GOP.

SC Capital Partners acquires in Japan. Singapore-based SC Capital Partners has acquired a 165-room Hotel Gran Cerezo Kagoshima on Kyushu island in Japan from an undisclosed seller for an undisclosed amount. SC Capital picked up the hotel, which will be repositioned as the Hotel Oriental Express Kagoshima Tenmonkan, on behalf of its $1 billion Japan Hospitality Fund I. The property was built in 2017. The hotel is scheduled to open under the new brand on April 15.

Repositioning in California. San Francisco-based JMA Ventures is spending $9 million renovating and repositioning the 109-key Martis Valley Lodge to the Hilton Tapestry Collection brand. The hotel, which is managed by Louisville, Kentucky-based Schulte Hospitality Group, will open under the new brand this summer. 

Rio RevPAR hits record high. Boosted by the annual Carnival, Rio de Janeiro’s hotel industry posted its highest monthly revenue per available room (RevPAR) on record, according to the latest data from CoStar. For March 2025, occupancy was 80.6% (+17.6%), ADR was BRL 1,227.18 (+86.1%), and RevPAR was BRL888.64 (+44.5%). The only month with a higher average daily rate (ADR) in Rio was August 2016, during the Summer Olympics. 

Barcelona room rates jump. Barcelona’s hotel industry recorded its highest-ever March ADR with one night during the Mobile World Congress reaching the second-highest individual level in the market’s history, according to the latest data from CoStar.  For March, occupancy was 77.3% (+2.2%), ADR was EUR197.09 (+27.7%), and RevPAR was EUR152.42 (+30.5%). The Mobile World Congress elevated year-over-year performance gains for the month.