Florida Construction News staff writer
Terra and Turnberry have secured $392 million in construction financing for the Grand Hyatt Miami Beach, an 800-room hotel that will sit next to the Miami Beach Convention Center. With funding now in place, construction is expected to begin soon, with the hotel scheduled to open by late 2027.
The loan comes from TYKO Capital and is backed by Elliott Investment Management.
“This financing gets us one step closer to bringing this much-needed hotel to life,” said David Martin, CEO of Terra, and Jackie Soffer, Chairman and CEO of Turnberry, in a joint statement. “Miami Beach has long needed a major hotel to support the convention center.”
Located at 17th Street and Convention Center Drive, the 17-story Grand Hyatt will be the city’s first hotel directly connected to the convention center, which recently underwent a major renovation. Plans include 12 floors of guest rooms—including 52 suites with city views—plus four floors of meeting and ballroom space. A climate-controlled bridge will link the hotel to the convention center for easy access.
David Whitaker, who heads the Greater Miami Convention & Visitors Bureau, called the project a “game-changer” for attracting conferences and large events. “This hotel will make it much easier to host major gatherings in Miami Beach,” he said.
The hotel, designed by Arquitectonica’s Bernardo Fort-Brescia, will also feature a rooftop pool, signature restaurant, retail space, and improvements to the surrounding area like pedestrian walkways and bike-share stations. The developers say the project is being planned with sustainability in mind, in line with the city’s environmental goals.
In addition to the private financing, the project received a $75 million grant from the Miami Beach Redevelopment Agency last year. It was originally approved by voters in 2018 as part of a broader plan to revamp the Convention Center District into a more vibrant destination for both visitors and locals.
For more information about the Grand Hyatt brand, visit www.grandhyatt.com.
