Ritz-Carlton South Beach secured $230M refi
The three families that own Ritz-Carlton hotels in South Beach and Bal Harbour, as well as the Sagamore Hotel in Miami Beach, merged ownership of their properties. The Ben-Josef Group, which owns the Sagamore, and partners Flag Luxury Group and Lionstone Group, which own the two Ritz-Carltons, secured a joint merger, and could bring the Sagamore under the Ritz-Carlton flag, said Diego Lowenstein, Lionstone Group CEO.
At the same time, Lionstone and Flag closed on a $230 million refinance of The Ritz-Carlton, South Beach at 1 Lincoln Road, Lowenstein told The Real Deal. The lender is Deutsche Bank and BHI USA (Bank Hapoalim).
The hotels are all oceanfront. Together, the three properties total more than 600 hotel rooms. The Ben-Josef, Kanavos, and Lowenstein families will co-manage the new joint venture. The three hotels reopened in July, and a $90 million renovation of the Ritz South Beach was completed in February.
The Sagamore, at 1671 Collins Avenue, and the Ritz South Beach are next to each other.
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