Lowe Enterprises Investors, a US-based diversified real estate firm, has provided a $51.2 million senior construction loan for the renovation and redevelopment of the historic former Ritz Plaza Hotel in Miami Beach, Florida into the SLS Hotel South Beach. The 142-room luxury boutique hotel will be the second property for SBE’s SLS Hotel group and is jointly owned with CIM Group. The loan, which was arranged by LEI on behalf of a pension fund client, has term of three years with two one-year options. The development is set to open in early 2012.
CIM and SBE began renovations in early 2011, including the remodelling of all 132 rooms in the existing hotel by acclaimed designer Philippe Starck as well as the addition of a 14,500 square feet pool deck and 10 bungalow suites.
The SLS Hotel South Beach will offer two of SBE’s popular restaurants, The Bazaar by award-winning chef Jose Andres and Katsuya by Starck along with the Hyde Beach lounge.
Lenny Kravitz, joining Starck as a collaborator on SLS Hotel South Beach, and his team at Kravitz Design Inc, who will design the penthouse suite and one of the poolside bungalows.
SLS Hotel South Beach also will include the seventh location of Katsuya by Starck from Master Sushi Chef Katsuya Uechi. The property will also include the fifth location of SBE’s renowned Hyde Lounge brand. The venue, to be called as Hyde Beach, will include 8000 square feet of indoor/outdoor lounge amenities emptying onto the sand just steps from the Atlantic Ocean.