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Related Seeks Hotel Investor

MIAMI-The loan maturity for the recently opened Viceroy Hotel, Resorts & Residences is looming.

By Paola Iuspa-Abbott | Updated on February 20, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

The Related Group, whose new Icon Brickell is saddled with a hefty debt load, is looking for an investor or buyer for the project’s hotel component. Jorge Perez, chairman of the Related Group, recently recruited Holliday Fenoglio Fowler in Coral Gables to find a buyer or an investor for the Viceroy Hotel, Resorts & Residences at Icon Brickell in Miami’s financial district. The hotel opened last week at 501 Brickell Ave.

If a deal goes through, the cash could help Perez pay down Icon Brickell’s $176.5 million construction loan from LaSalle Bank. The loan is set to mature in November, according to Miami-Dade County property records. Executives of the Related Group did not return calls for comment. Representatives of Holliday Fenoglio confirmed they were marketing the property but declined further comment.

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