Deutsche Bank has provided a $250m loan to refinance the 1 Hotel South Beach in Miami Beach, Florida.
The borrowing group, a joint venture between Starwood Capital Group, Lefrak Organization and Invesco Real Estate, purchased the property in February of 2012 for $230m, assuming along with it a loan from Banco Inbursa with a $314m original balance.
The hotel, number 2341 along Collins Avenue, a main South Beach thoroughfare rife with hotels, restaurants, cranes, ocean views and sunshine is part of the 18-story 1 Hotel & Homes South Beach, the site of the former Gansevoort Hotel. The property includes an additional 239 condos that were not included in the loan.
Starwood and its partners pumped some $100m into an extensive renovation of the property, completing an initial lobby renovation in February of 2014 and then proceeding with what has been hailed as an eco-friendly reconstruction of its rooms and restaurants.
The property, the first “1 Hotel,” features 426 guest rooms (starting around $700 per night), a restaurant and rooftop bar, four outdoor pools, a fitness center and direct beach access with umbrellas.
Starwood opened a second 1 Hotel, the 1 Hotel – Central Park, in August.