The Carlton Group Closes Equity and Debt Deal for Miami Beach Hotel
Thursday December 26th, 2013 - 10:23AM FE
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.