$1 Billion Purchase, Renovation, and Refinance of 1 Hotel & Homes South Beach

Entity Comprised of Starwood Capital, the LeFrak Organization and Invesco Ltd

Representation of an entity comprised of Starwood Capital, the LeFrak Organization, and Invesco Ltd. in the purchase and substantial $340 million renovation of one of South Beach's largest oceanfront luxury resort properties, the 1 Hotel & Homes South Beach. Our team handled contract negotiations and closing, supervised review and analysis of land use issues and secured numerous key approvals from the City of Miami Beach including approvals from the City Commission, the Historic Preservation Board, the Planning Board and the Board of Adjustment. We resolved numerous litigation matters, including those pending with the condominium association, allowing the project to move forward with substantial renovations. In 2015, our team assisted in the opening of the hotel and in securing a $250 million loan from Deutsche Bank, refinancing the Miami Beach property. The $1 billion property, which boasts nearly two million square feet of space, has reopened as a hotel and series of oceanfront condominiums and includes a rooftop pool, a spa and fitness center and private beach amenities.

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