Deutsche Bank, KSL Partners Provide $185M Refi for Miami Hotel
The 352-key East Miami opened in 2016 and is part of the $1B Brickell City Centre mall
By Brian Pascus May 17, 2024 4:37 pm
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Trinity Investments and Certares Management have secured $185 million to refinance the East Miami hotel, a 352-key resort in the heart of the Brickell entertainment and business district, Commercial Observer has learned.
Deutsche Bank (DB) provided the $152.5 million senior loan, while KSL Capital Partners provided the mezzanine portion of the refinancing. Colliers’ hospitality practice group, led by Mark Owens, arranged the deal on behalf of the joint sponsors.
“Mark Owens and his team at the Colliers hospitality practice were able to achieve unexpected outcomes, providing us with a variety of options in today’s market,” said Sean Hehir, president and CEO of Trinity Investments, in a statement.
Owens praised the institutional sponsorship of Trinity and Certares and said that the East Miami was “a sought-after opportunity in the debt capital markets.”
“Our targeted marketing provided Trinity and their partners with a variety of options in a market others view as constrained,” said Owens. “The team and I are excited to see the trajectory of the East.”
East Miami opened in 2016 at 788 Brickell Plaza. The 40-story building is part of the larger $1.05 billion Brickell City Centre, a shopping mall and entertainment venue that features 500,000 square feet of retail. The hotel has 255 guest rooms and 97 suites, including 87 guest suites. All rooms feature balconies and the hotel includes 20,000 square feet of event space, while a 20,000-square-foot outdoor pool area showcases four different pools. The hotel also includes a 24-hour fitness center and a restaurant.
Deutsche Bank and KSL Capital Partners did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
