Terra and Turnberry, two South Florida 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 multibillion-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. Eastdil Secured arranged the financing
“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, Terra, and Jackie Soffer, chairman/CEO, Turnberry, in a joint statement. “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.”
With resort-style amenities, the hotel will serve as Miami Beach’s first major convention hotel that is adjacent to and connected to the Miami Beach Convention Center
“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, 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.”
Pete Sears, group president, Americas, Hyatt, added, “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. 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 guestrooms, including 52 suites with views of Miami Beach, along with four floors of meeting and ballroom spaces that will complement the Miami Beach Convention Center’s event programming. Amenities will include a resort-style pool deck with panoramic city views, a signature restaurant, lobby lounge and bar, as well as street-level retail space. Additionally, a climate-controlled skybridge will provide access between the hotel and the Miami Beach Convention Center.
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.
The development also plans to introduce new public spaces, pedestrian-friendly promenades, bike-sharing stations and connectivity to public transit, as well as 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.
