Hersha Hotel Management refinanced Miami Beach Cadillac Hotel & Beach Club with $232 million of CitiBankownership records show.
The art deco style hotel, designed by the famous architect Roy Francefirst opened in the 1940s. Located in 3925 Collins Avenuethe beachfront property sits along a strip of resorts in Miami Beach’s Mid-Beach neighborhood.
The new mortgage for the 14-story hotel marks Hersha’s third loan, all from CitiBank.
Shortly after acquiring the property in 2015 for $52.7 million, Hersha secured a $60 million loan. In 2013, the real estate trust expanded the property to add a tower next to the original building, bringing the total number of bedrooms to 357 and square footage to 232,618.
Four years later, Pennsylvania-based Hersha closed the hotel for a $47 million renovation, reopening it in 2019 under Marriottit is Autograph collectionaccording to Miami Herald. In 2020, following the first coronavirus-related lockdown, the owner secured $172 million in financing, records show.
Nightly rates for next December, typically the busiest month for a Miami hotel, range between $300 and $1,000.
A representative for Hersha did not immediately respond to a request for comment.
Miami’s hospitality industry is recovering from the pandemic. According Data from the county tourist office. The number of hotel rooms in Miami booked this summer was more or less up to par with the busy winter months.
The Cadillac Hotel isn’t the only hotel in Miami to secure a major refinance loan. Earlier this month, Jeffrey Sofferit is Development of Fontainebleau got $412.3 million for the JW Marriott Miami Turnberry Resort at Adventure.
Julia Echikson can be reached [email protected].