Florida developers Terra and Turnberry secured $392 million in financing for Grand Hyatt Miami Beach. The 800-room hotel adjacent to the Miami Beach Convention Center is set to open by late 2027. The project aims to boost Miami Beach's convention appeal with luxury amenities and design by Arquitectonica.
Terra Group photo
The project is a key component of the city's efforts to transform its Convention Center District into a more dynamic, walkable and economically vibrant hub.
Terra and Turnberry, two of south Florida's leading real estate development companies, have secured $392 million in construction financing that will help advance their joint development of the Grand Hyatt Miami Beach, an 800-room, 17-story property adjacent to the Miami Beach Convention Center.
The financing was provided by TYKO Capital, a New York-based multi-billion-dollar commercial real estate private equity and private credit investment management firm, backed by Elliott Investment Management.
As the pre-construction sitework is already completed, the financing paves the way for the project's as-yet-unannounced groundbreaking, with delivery slated for late 2027.
"With construction financing in place and strong public support behind us, we are eager to bring this landmark hotel to life," David Martin, CEO of Terra, and Jackie Soffer, chair and CEO of Turnberry, said in a joint statement. "Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach's hospitality offerings, elevating the conventions and events that come to our community while creating jobs, new revenue and economic impact."
Strategically located at 17th Street and Convention Center Drive, the hotel complex will provide seamless access to the newly renovated Miami Beach Convention Center. With resort-style amenities, the Grand Hyatt's aim is to serve as the city's first major convention hotel adjacent and connected to the venue, enhancing Miami Beach's ability to attract major national and international clients.
Designed by Bernardo Fort-Brescia with Arquitectonica, a studio headquartered in Miami, the new hotel will feature 12 floors of guest rooms, including 52 suites with sweeping views of Miami Beach, along with four floors of meeting and ballroom spaces that will complement the convention center's event programming.
Guests will be able to enjoy a resort-style pool deck with panoramic city views, a signature restaurant, lobby lounge and bar, as well as retail space designed to activate street-level pedestrian traffic. In addition, a climate-controlled skybridge will provide access between the Grand Hyatt Hotel and the Miami Beach Convention Center, enhancing connectivity and convenience for event attendees.
Hotel Seen as Key to City's Convention Center Transformation
Grand Hyatt Miami Beach was years in the making, with plans for the hotel overwhelmingly approved by Miami Beach voters in 2018. The project is a key component of the city's efforts to transform its Convention Center District into a more dynamic, walkable and economically vibrant hub.
"Grand Hyatt Miami Beach is a game-changer for major meeting and event planners and a transformative addition to our convention center ecosystem," said David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau. "With an unmatched location seamlessly connected to the [convention center] and just steps from world-renowned Miami Beach, this hotel creates a one-of-a-kind experience for meeting planners and attendees alike. This addition solidifies our position as a top choice for high-profile conventions and meetings from around the globe."
The financing news comes on the heels of a $75 million grant that the development was awarded through the Miami Beach Redevelopment Agency in late 2024, underscoring its role as a critical economic driver for the region. The grant reflects strong public and private support for the hotel's potential to enhance the city's global competitiveness as a premier destination for meetings, conferences and events.
Its developers also plan to introduce new public spaces, pedestrian-friendly promenades, bike-sharing stations and connectivity to public transit, aligning with Miami Beach's broader sustainability and resilience goals while providing access to the city's nearby Lincoln Road district.
"We are thrilled to introduce our Grand Hyatt brand to this key leisure and business travel market," said Hyatt's Group President of the Americas' Pete Sears.
"Grand Hyatt Miami Beach will work to seamlessly blend the destination's colorful, vibrant spirit with the brand's bold architecture, inventive restaurants and luxury accommodations," he said. "We look forward to offering guests and World of Hyatt members a new way to experience Miami Beach in a setting that will be as inspiring as the city itself."
Terra, Turnberry Are Each Major Developers in South Florida
Miami-based Terra is a worldwide development and investment company that creates communities, enhances neighborhoods and connects people. Led by David Martin, the firm was founded in 2001 and is now active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels and industrial properties.
The company also owns and operates a carefully curated portfolio of real estate developments valued at more than $8 billion that elevate quality of life, maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability.
A leading developer in its own right, Turnberry also is an owner and operator of numerous luxury destinations, from hotels and restaurants to residential, retail and mixed-use projects. Headquartered in Miami, it has developed more than $10 billion in commercial and residential assets, including approximately 20 million sq.-ft. of retail space, more than 7,000 apartments and condominium units, 1.5 million sq.-ft. of class-A office space, and more than 3,000 hotel and resort rooms.
Turnberry recently announced that it would develop the St. Regis Hotel and the St. Regis Residences in Nashville, Tenn. and, in partnership with another firm, it is developing SoLé Mia in North Miami, a 184-acre project that includes plans for more than 5,000 units and 1 million sq. ft. of retail and commercial space. Currently at SoLé Mia, Turnberry is completing construction on ONE Park Tower, a 33-story tower with 292 custom-designed residences.
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