Cantor Commercial Real Estate and Citigroup have reportedly provided a $190m loan to Key International for the refinancing of the Eden Roc Miami Beach — and the addition of a planned 210-room Nobu Hotel.
Miami-based Key International, which owns about 16 hotels in the US and Spain, purchased the historic 631-room Eden Roc from Blackacre Capital Management for $100m in August of 2005, injecting about $21m in renovations into the hotel.
The new loan pays off the $70m acquisition loan from Spanish banking group Banco Bilbao Vizcaya Argentaria, and it will cover additional hotel renovations and some portion of the Nobu’s construction. Interior work on a restaurant and an entryway has begun on the 210-room Nobu, scheduled to open later this year.
Key International’s hotels include the Marriott Stanton South Beach, Embassy Suites St. Augustine and Holiday Inn Historic Savannah. The company focuses primarily on high-end commercial and luxury residential properties including condominiums, hotels, market-rate rentals, office and retail.
The Eden Roc, at 4525 Collins Avenue, was designed by Morris Lapidus in the Miami Modern style and completed in 1955. It features four pools and 70,000 sq ft of interior space. Lapidus also designed the famed Fontainebleau Miami Beach, another resort-style hotel that sits immediately south of Eden Roc.