Skip to main content

$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.

RELATED PEOPLE
John C. Sumberg

John C. Sumberg

Chairman
Jon Chassen

Jon Chassen

Senior Counsel
Krista D. DeCastro

Krista D. DeCastro

Of Counsel
MORE EXPERIENCE
Experience
Representation of debtor in possession in the chapter 11 case of Cabi Downtown LLC, the owner of an 849-unit condominium project owing over $250 million to a bank consortium, defaulting unit purchasers, trade creditors, and its general contractor. The case was the first large condominium filing in S...
Experience
Representation of joint venture between Starwood Hotels & Resorts and The Related Group of Florida regarding zoning and land use for the redevelopment of the six-star St. Regis Bal Harbour. The $1.5 billion project, located across from the Shops at Bal Harbour, consists of 285 condo-hotel units ...
Experience
Representation of Consultatio, a development and financial firm owned by Argentine businessman Eduardo Constantini, in obtaining approval for the rezoning of a 5.5-acre oceanfront site in Bal Harbour to develop an 850,000-square-foot, 260-unit luxury high-rise condominium. We successfully negotiated...
VIEW MORE EXPERIENCE