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MIAMI-The 641-room InterContinental Miami hotel at 100 Chopin Plaza has received $26 million in mezzanine refinancing. The financing was provided by New York City-based Pembrook Capital Management. The loan is a floating-rate indexed off of one-month Libor and matures in October 2008 with three one-year extension options. The financing will be used to repay existing debt.

The 34-story four-start hotel, owned and managed by Strategic Hotels & Resorts and InterContinental Hotels Group, overlooks the Biscayne Bay in the Seaport section of downtown Miami. It is currently undergoing a $15 million renovation to add a health spa and fitness center and make other improvements.

Built in 1982, the hotel is connected to the Miami Center, a 35-story office tower. It is also close to Miami Beach and the Miami Convention Center and a few blocks from Bayside Marketplace and the American Airlines Arena. "It's a good asset in a great location, performing well and managed well," Pembrook Capital Management managing director John Garth tells GlobeSt.com.