Terra and Turnberry to Begin Construction of Grand Hyatt Miami Beach with $392 Million in Financing from TYKO Capital

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Apr 11, 2025, 09:00 ET

The 800-room hotel will be the anchor of Miami Beach's Convention Center District with new luxury accommodations and public spaces, improved connectivity, and infrastructure and resiliency upgrades.

MIAMI BEACH, Fla., April 11, 2025 /PRNewswire/ -- Terra and Turnberry, two of South Florida's leading real estate development firms, have secured $392 million in construction financing that will help advance the development of Grand Hyatt Miami Beach, an 800-room, 17-story property adjacent to the Miami Beach Convention Center. The financing was provided by TYKO Capital, a multi-billion-dollar commercial real estate private equity and private credit investment management platform, backed by Elliott Investment Management and led by Adi Chugh. With pre-construction sitework already completed, the financing paves the way for the project's groundbreaking, with delivery slated for late 2027.

"With construction financing in place and strong public support behind us, we are eager to bring this landmark hotel to life," said David Martin, CEO of Terra, and Jackie Soffer, Chairman and CEO of Turnberry. "Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach's hospitality offerings, elevating the conventions and events that come to our community while creating jobs, new revenue and economic impact."

Strategically located at 17th Street and Convention Center Drive, Grand Hyatt Miami Beach will provide seamless access to the newly renovated Miami Beach Convention Center. With resort-style amenities, the hotel will aim to serve as Miami Beach's first major convention hotel adjacent to and connected to the Miami Beach Convention Center, enhancing the city's ability to attract major national and international clients.

"Grand Hyatt Miami Beach is a game-changer for major meeting and event planners and a transformative addition to our convention center ecosystem," said David Whitaker, President & CEO of the Greater Miami Convention & Visitors Bureau. "With an unmatched location seamlessly connected to the Miami Beach Convention Center and just steps from world-renowned Miami Beach, this hotel creates a one-of-a-kind experience for meeting planners and attendees alike. As a premier, year-round destination, Greater Miami is already a powerhouse for major events, and this addition solidifies our position as a top choice for high-profile conventions and meetings from around the globe."

"Miami Beach is an iconic, grand destination known for its dynamic energy, cultural richness and world-class hospitality, and we are thrilled to introduce our Grand Hyatt brand to this key leisure and business travel market," said Pete Sears, Group President, Americas for Hyatt. "Grand Hyatt Miami Beach will work to seamlessly blend the destination's colorful, vibrant spirit with the brand's bold architecture, inventive restaurants and luxury accommodations. We look forward to offering guests and World of Hyatt members a new way to experience Miami Beach in a setting that will be as inspiring as the city itself."

Designed by Arquitectonica's Bernardo Fort-Brescia, the property will feature 12 floors of guest rooms, including 52 suites with sweeping views of Miami Beach, along with four floors of meeting and ballroom spaces that will complement the Miami Beach Convention Center's event programming. Guests will be able to enjoy a resort-style pool deck with panoramic city views, a signature restaurant, lobby lounge and bar, as well as retail space designed to activate the street-level pedestrian experience. Additionally, a climate-controlled skybridge will provide seamless access between the hotel and the Miami Beach Convention Center, enhancing connectivity and convenience for event attendees.

The financing news comes on the heels of a $75 million grant that the development was awarded through the Miami Beach Redevelopment Agency in late 2024, underscoring its role as a critical economic driver for the region. The grant reflects strong public and private support for the hotel's potential to enhance Miami Beach's global competitiveness as a premier destination for meetings, conferences and events.

The development also plans to introduce new public spaces, pedestrian-friendly promenades, bike-sharing stations, and connectivity to public transit, aligning with Miami Beach's broader sustainability and resilience goals while providing access to the city's nearby Lincoln Road district.

Grand Hyatt Miami Beach has been years in the making, with plans for the hotel overwhelmingly approved by Miami Beach voters in 2018. The project is a key component of the city's efforts to transform its Convention Center District into a more dynamic, walkable and economically vibrant hub.

To learn more about the Grand Hyatt brand, visit www.grandhyatt.com.

About Terra:
Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods, and connects people. Led by David Martin, Terra was founded in 2001 and is active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels, and industrial properties. Terra owns and operates a carefully curated portfolio of real estate developments valued at more than $8 billion that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than 5 million square feet of residential, commercial, and mixed-use projects across South Florida. Terra thrives by assembling teams comprised of the world's most accomplished architects, designers, planners, engineers and builders who collaborate to bring the firm's development vision to life. Learn more at www.terragroup.com.

About Turnberry:
Turnberry is a leading developer, owner and operator of luxury destinations, from hotels and restaurants to residential, retail and mixed-use projects. It has developed more than $10 billion in commercial and residential assets, including approximately 20 million square feet of retail space, more than 7,000 apartments and condominium units, 1.5 million square feet of class "A" office space and more than 3,000 hotel and resort rooms. Led by Chairman and Chief Executive Officer Jackie Soffer, Turnberry owns and operates Aventura Mall, Town Center Aventura, Destin Commons, JW Marriott Nashville, and The Seagate in Delray Beach, Florida. The portfolio also includes an array of select service hotels including Residence Inn by Marriott Aventura Mall and Courtyard by Marriott Aventura. Turnberry is currently developing the 800-key Grand Hyatt Miami Beach connected to the Miami Beach Convention Center with Terra Group. It also recently announced it would develop the St. Regis Hotel and the St. Regis Residences in Nashville, Tennessee. In partnership with LeFrak, Turnberry is developing SoLé Mia in North Miami, an 184-acre project that includes plans for 5,000+ units and 1 million square feet of retail and commercial space. Currently at SoLé Mia, Turnberry is completing construction on ONE Park Tower, a 33-story tower with 292 bespoke residences. From more information visit: www.Turnberry.com.

About Grand Hyatt:
Around the world, Grand Hyatt hotels bring travel dreams to life by celebrating the iconic in small details and magnificent moments. Located at the crossroads of local culture and global business within major gateway cities and resort destinations, each Grand Hyatt hotel is uniquely designed to be a captivating destination within a destination. Grand Hyatt hotels deliver welcoming and elevated service, first-class accommodations and an abundance of options within a multicultural backdrop of dramatic architecture and bold and vibrant design. Grand Hyatt hotels boast inventive restaurants, luxury spas, fitness centers, and business and meeting facilities. For additional information or to make a reservation, please visit grandhyatt.com. Follow @GrandHyatt on Facebook and Instagram, and tag photos with #GrandHyatt.

About TYKO:
TYKO Capital ("TYKO") is a multi-billion-dollar Commercial Real Estate Private Equity and Private Credit Investment Management Platform, which is a joint venture between Adi Chugh & a Florida based hedge fund. TYKO was established in August 2023 to capitalize on the void in the CRE capital markets caused by the current macro-economic environment, focusing on institutional borrowers and institutional assets, in top tier markets. TYKO's focus and reach in the CRE space is unique, given the firm's proprietary deal sourcing capabilities and ability to commit large amounts of capital to institutional deals. TYKO invests across the entire capital stack (Senior Financings, Whole Loan Financings, Junior / Mezz, Pref Equity, LP Equity, GP Equity) — and across all asset classes. Learn more at www.tykocapital.com.