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NEW YORK—Created through a partnership between boutique hotel creator Ian Schrager and Marriott International, the Edition brand is slated to grow exponentially from a collection of four to eleven properties by the end of 2018. Following The Sanya Edition’s opening in December 2016, Edition’s Asian presence is scheduled to expand with two additional properties launching in Shanghai and Bangkok in 2018. In addition, the brand’s second and third European hotels are set for launch in Bodrum, Turkey, and Barcelona, Spain. Edition will launch its first outpost in the Middle East in Abu Dhabi, while the company plans to increase its U.S. presence with two properties located in New York’s Times Square and West Hollywood, CA. The brand’s rapid expansion is expected to continue with the addition of nine additional hotel launches planned across five continents by 2020, reaching a 20-strong property portfolio by the end of the decade with more to come, according to the company. Here are more details on the properties: The Shanghai Edition is a combination of two separate towers with 147 guestrooms. Set to launch in mid-2018, the hotel’s design includes 10 levels of public space, including five meeting studios and two forums, totaling over 2,800 sq. ft. Also launching in mid-2018, the Bodrum Edition will have 99 guest rooms, suites and villas all with views of the Aegean Sea, some with private pools, balconies and gardens. Amenities include an infinity pool, garden lounge, spa facilities with Turkish Hammam and fitness center, kids’ club and an exclusive beach club with jetty that houses private cabanas. The Times Square Edition will offer 457 guestrooms with four levels of public space, including a 5,000-sq.-ft. performance venue, a 1,900-sq.-ft. meeting studio, fitness center and a lobby lounge at check-in level. Set to open in mid-2018, the hotel’s F&B outlets will include a signature restaurant leading out onto a 5,800-sq.-ft. beer garden and event deck overlooking Times Square, and an all-day dining venue. The Barcelona Edition will have 100 guestrooms, a signature restaurant, lobby bar/café, Sky bar, swimming pool and state-of-the-art fitness center and a night club. It is slated to open in mid-2018. Known as Thailand’s tallest building, The Bangkok Edition will be located along Naratiwat Rd., close to North Sathorn Road junction. There will be 155 guestrooms and five levels of public space, offering over 5,500 sq. ft. of combined meeting space including a boardroom, main function room and outdoor banquet terrace. A mid-2018 opening is scheduled. The Abu Dhabi Edition will be situated in the downtown district on the waterfront of Al Bateen in the Abu Dhabi Marina. Accommodations will include 244 guestrooms and 57 exclusive residences. F&B will include two signature restaurants, a gourmet market, lobby bar, tea lounge, pool bar and three-story nightclub. It will open in late 2018. [caption id="attachment_22085" align="aligncenter" width="696"]US-Immigration-Fund-West-Hollywood-Img4 RENDERING: West Hollywood Edition[/caption] The West Hollywood Edition will open in late 2018 with 190 guest rooms, 20 luxury residences and over 5,200 sq. ft. of meeting space. F&B outlets include a signature restaurant, a lobby lounge, rooftop venue and a nightclub/bar.
By TRD Miami Staff | November 01, 2017 [caption id="attachment_23873" align="aligncenter" width="560"] Via Mizner, Frank Weed and Faisal Ashraf[/caption]

New York lender makes big bet on Boca Raton

Local developer Penn-Florida Companies scored a roughly $400 million debt package for Via Mizner, a massive mixed-use project in downtown Boca Raton.

New York-based private lender Mack Real Estate Credit Strategiesprovided  $318 million in financing to Penn-Florida Companies, while U.S. Immigration Fund, an EB-5 lender, lent $80 million. Lotus Capital Partners arranged the debt package, which is the largest financing in South Florida so far this year.

Overall, Via Mizner will span 2 million square feet with a 366-unit luxury apartment building, an 88-unit condominium building, a 164-key Mandarin Oriental Hotel & Resort and 60,000 square feet of retail.

The debt from Mack includes a refinance of the rentals, 101 Via Mizner Luxury Apartments, a construction loan for the hotel and a bridge loan for the condo site. Lotus will go to market for a separate construction loan in the low $100 million range for the condos later this year.

Pitbull to open restaurant in Miami Beach

The Nakash family has landed Pitbull as a celebrity tenant for one of its Ocean Drive hotels.

The international rap star and Miami native plans to open a restaurant called iLov 305 in the former Bon Air Hotel at 1060 Ocean Drive, Nakash attorney Alfredo Gonzalez said.

As part of the plan, the Nakashes will restore the building’s lobby and the facade to its original 1934 design. The lobby will have a cocktail lounge, a seating area and a daiquiri bar. The new restaurant, along with the kitchen, will extend down to the basement level. In 2012, the Nakashes — who parlayed their Jordache Jeans empire into a global real estate conglomerate — purchased the hotel’s ground floor retail space for $18.3 million. They also own the Hotel Victor at 1144 Ocean Drive and The Villa Casa Casuarina at 1116 Ocean Drive.

Pitbull, whose real name is Armando Christian Perez, will join fellow Cuban-American musicians Emilio and Gloria Estefan as the only celebrity restaurant owners on Ocean Drive. Pitbull also owns the Miami Grill fast-food franchise.

Brown Harris Stevens scoops up Miami brokerage

Brown Harris Stevens closed on the acquisition of Opulence International Realty in Miami.

It’s the latest brokerage buy for BHS, which entered the Miami market in 2015 with the purchase of Mark Zilbert’s Zilbert International Realty and later closed on two more firms. With the purchase, the New York-based firm is adding 35 agents, including broker Jill Patterson, to its roster. Opulence has primarily focused on downtown Miami and Coconut Grove, and it is bringing over about $40 million of inventory to BHS. In 2016, Opulence closed about $220 million in sales volume.

While BHS and Opulence declined to provide the price of the deal, mergers and acquisitions expert Steve Murray said that a firm brokering $220 million in annual sales could sell for at least $1.1 million.

With Opulence, BHS now has nearly 300 agents in South Florida, including six offices in Miami-Dade and four in Palm Beach County.

Phil Gutman, the executive vice president of BHS Florida, said the firm is now looking at the Sunny Isles Beach and Aventura markets.

[caption id="attachment_23799" align="aligncenter" width="777"] 111 Murray Close Up, photo by Tectonic[/caption]
YIMBY has been reporting on 111 Murray Street for several years at this point, and after breaking ground in July of 2015, it was at its fifteenth floor at this time last year. By August, it had topped-out, and glass had climbed over halfway up the exterior. Now, almost three months later, the crown is falling into place, and the 58-story and 800-foot-tall tower appears to be on track for an expected 2018 completion, as seen in the latest photographs from Tectonic. Kohn Pedersen Fox designed the building, which is being developed by Fisher Brothers, New Valley, and the Witkoff Group. Besides the 157 condominiums, there will be about 2,000 square feet of retail space in the ground floor, so the project’s impact won’t be confined to the skyline alone. [caption id="attachment_23801" align="aligncenter" width="683"] 111 Murray Street, photo by Tectonic[/caption] The design is an increasingly familiar take in Kohn Pedersen Fox’s repertoire, with “glassy flute” replicating the more angular 45 East 22nd Street, up in the Flatiron. While 111 Murray Street may not be the most distinctive tower on the Downtown skyline, at 800 feet it is still pretty substantial, and the glassy envelope is turning out to be fairly attractive. The most similarly-scaled projects in the surrounding blocks are 56 Leonard Street, to the northeast, and 30 Park Place, to the southeast, both of which have also opened over the past year or two. While other projects like 45 Park Place are also rising nearby, the core of the Downtown residential skyscraper boom will shift towards the depths of the Financial District over the next few years. 125 Greenwich Street is already rising, machinery is on-site at 45 Broad, and demolition is active at 80 South Street, which will ultimately be the tallest of them all. As for 111 Murray Street, full completion of the exterior is probably another few months out, but work is clearly nearing the finish line.  

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Deal includes $318M from Mack Real Estate Credit Strategies, $80M from US Immigration Fund By Katherine Kallergis | October 05, 2017 Penn-Florida Companies just closed on nearly $400 million in...

Rafael Viñoly's highly anticipated project at 125 Greenwich Street in Downtown Manhattan has entered sales just as construction resumes following the acquisition of a $450 million construction loan. The...