- Terra and Turnberry have secured a $392M construction loan from Tyko Capital to build an 800-room Grand Hyatt hotel next to the Miami Beach Convention Center.
- The 17-story hotel, which includes hotel rooms, a pool deck, retail, and a skybridge to the convention center, is expected to be completed by the end of 2027.
- The development, long delayed due to financing hurdles and pandemic-related cost increases, is now one of several major projects backed by Tyko Capital in South Florida.
Moving Ahead After Years of Delays
After years of planning and previous setbacks, developers David Martin of Terra and Jackie Soffer of Turnberry are finally moving forward with their Grand Hyatt-branded hotel in Miami Beach, as reported by The Real Deal.
A $392M construction loan from Tyko Capital, a venture involving Adi Chugh and Paul Singer’s Elliott Investment Management, will fund the project.
The 800-room hotel will rise 17 stories on city-owned land at the corner of 17th Street and Convention Center Drive, directly connected to the convention center by an air-conditioned skybridge.
Project Details
Designed by Arquitectonica’s Bernardo Fort-Brescia, the Grand Hyatt hotel will feature 12 floors of hotel rooms above a pool deck, restaurant, bar, lobby lounge, and retail space. Site preparation is already completed, and vertical construction is expected to begin shortly, with delivery projected for the end of 2027.
The project received a $75M grant last October from the Miami Beach Redevelopment Agency, helping to close a financing gap that previously stalled progress.
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A Key Player in South Florida Lending
Tyko Capital is rapidly becoming a major source of development financing in South Florida. The firm also provided:
- A $285M loan for Villa Miami in Edgewater
- A $527M loan for the St. Regis Residences in Brickell
- A $565M refinancing for the 830 Brickell office tower
Eastdil Secured arranged the financing for the Miami Beach convention center hotel.
Why It Matters
The project is a major component of Miami Beach’s effort to transform its convention district into a more competitive destination for events and tourism. Following the $600M renovation of the convention center completed in 2018, the hotel is expected to serve as a catalyst for additional development and economic impact.
What’s Next
With financing secured and preconstruction work complete, vertical construction is imminent. If all goes as planned, the long-awaited Grand Hyatt hotel will open by late 2027, marking a milestone in the city’s push to modernize its convention center campus.
