Goldman Sachs and Bank of China have provided a $795 million refinancing on the Fountainebleau Miami Beach hotel in Miami, Florida.
The banks each provided $397.5 million on the 1,179,177 sq ft resort to the property’s owner Turnberry Associates, according to Miami-Dade records.
The new mortgage refinanced an existing $535 million loan and provided an additional $260 million in funding. The previous financing had been a securitized loan through JP Morgan Chase.
Turnberry Associates acquired the 1,504-room hotel at 4441 Collins Avenue in 2005. The South Florida-based firm sold a 50 percent interest in the hotel to a fund from Dubai in 2008, but bought the oceanfront luxury resort back in 2013. The county’s assessed value of the property in 2015 was $338.2 million.
Located in the heart of “Millionaire’s Row,” Fontainebleau features a 17,000 sq ft lobby with the “Stairway to Nowhere,” six acres of formal gardens designed to replicate Versailles, according to the resort’s website. The resort was built in 1954.
Bank of China is the fourth largest banking institution in the world, with $2.6 trillion in assets last year, according to Relbanks. The publicly-traded bank is largely owned by the Chinese government.
The China-based lender declined to comment. Goldman Sachs and Turnberry Associates were not immediately available to respond to this article.