Brookfield Refis Key Biscayne’s Ritz-Carlton Resort With $210M
By Julia Echikson August 9, 2023 1:14 pm
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Brookfield (BN) Properties has refinanced yet another hotel in South Florida, nabbing $210 million for The Ritz-Carlton hotel in Key Biscayne, a five-mile-long barrier island located east of Miami’s Brickell district.
Citibank — acting as the lead administrative agent to a group of lenders, including MetLife Investment Management — upped a $190 million loan for the oceanfront resort by $20 million, according to mortgage documents. The outstanding debt on the first loan, which was originated in 2016, stands at $172.5 million.
Located at 455 Grand Bay Drive, the luxury property includes an outdoor pool, a spa, tennis courts and restaurants, as well as a condo component, which houses 188 units.
Watermark Lodging Trust completed the 302-room property in 2000. The 275,000-square-foot resort fell under the control of Brookfield last year, when the Canadian asset manager purchased the Chicago-based trust for $3.8 billion.
The financing for the Ritz-Carlton comes less than a week after Brookfield, one of the largest asset managers in the world, refinanced the Hilton Fort Lauderdale Marina — which Brookfield has owned since 2018 — with $144.1 million.
Long a major player in South Florida hospitality, Brookfield sold the 1,000-room Diplomat Beach Resort earlier this year for $835 million, which at the time was the largest hotel sale in the country since the pandemic hit.
Representatives for Brookfield did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
