Loews Corporation has struck a deal to secure $305 million to refinance a Miami, Florida hotel.
The loan, co-originated by National Association, J. P. Morgan Chase, and Wells Fargo Bank, is interest only, carrying a 10-year fixed rate, as reported by the Commercial Observer, citing Fitch Ratings. The bulk of the loan will be allocated towards refinancing existing debt, while just $5 million will support closing costs.
The Loews Miami Beach Hotel at 1601 Collins Avenue measures 747,774 square feet and consists of two towers. According to Fitch Ratings, the New York-based company, under the leadership of the Tisch family, has invested $99 million in renovating the property since 2016. Plus, there are plans to pour another $53 million into enhancing the 790-room hotel.
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This month, a Pura Vida cafe is set to open in the South Beach location. It will join six other restaurants and bars, a spa, as well as 46,000 square feet of meeting space. When Loews first bought the hotel in 1998, the second 17-story tower was built. The first tower has been around since 1935 and stands 13 stories high.
Loews Hotels operates a total of 26 hotels in the U.S. and Canada, according to the company. As of December 2023, it had four hotels under development. Plus, adjusted EBITDA was $328 million, with adjusted mortgage debt at about $1.78 billion.
Earlier this year, Loews debuted a new 888-room hotel in Arlington, Texas, featuring 266,000 square feet of space. That marked its second and biggest hotel piece in the city.
The loan for the South Beach property is expected to close on September 10.
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