The Carlton Group Closes Equity and Debt Deal for Miami Beach Hotel
Thursday December 26th, 2013 - 10:23AM FE
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NEW YORK—The Carlton Group has closed a transaction in Miami Beach that includes the former Biltmore Terrace Hotel, now a Howard Johnson hotel, and will facilitate Bizzi Development and Terra Capital's acquisition of the two-acre site located on 200 ft. of ocean frontage.
According to the company, it closed the transaction in less than 30 days, accessing a balance sheet lender and coordinating the equity with a three party development consortium: Bizzi Development, Terra Capital and the Vector Group.
Carlton arranged an approximate $100 million multi-trenched capital stack, which facilitated the acquisition and ultimate renovation of this property. The property consists of the existing 227-key hotel along with two adjacent parcels, which in the aggregate consist of 188,000 sq. ft.
Carlton professionals Michael Campbell and Chase Chehade assisted Howard L. Michaels, chairman, with the capitalization of this project.
Tags: The Carlton Group • Bizzi Development • Terra Capital • Vector Group • Howard Johnson • Biltmore Terrace Hotel • Miami Beach • Hospitality • Acquisitions • Brokers •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.