Real estate firms Terra and Turnberry have closed on a $392-million construction loan for the Grand Hyatt Miami Beach, an 800-room hotel next to the Miami Beach Convention Center. The loan comes from TYKO Capital, backed by Elliott Investment Management and led by Adi Chugh. Pre-construction work is complete and the hotel is set to open in late 2027.
Located at 17th Street and Convention Center Drive, the hotel will include 12 floors of guestrooms, 52 suites and four levels of meeting and ballroom space. A skybridge will connect it to the convention center. Other features include a rooftop pool deck, restaurant, lounge and bar and street-level retail.
The project will be the city’s first major convention hotel directly linked to the center. It’s designed by Bernardo Fort-Brescia of Arquitectonica and developed through a public-private partnership with the city.
“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, in a joint statement.
The project received a $75-million grant from the Miami Beach Redevelopment Agency. Approved in 2024, the grant signals public commitment to the hotel, originally greenlit by voters in 2018.
David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau, emphasized the hotel’s strategic importance. “Grand Hyatt Miami Beach is a game-changer for major meeting and event planners and a transformative addition to our convention center ecosystem,” he said.
Hyatt will manage the property. “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.
Plans also include public improvements: widened sidewalks, bike-share stations, new public spaces and better access to transit. The design aims to support a walkable environment and improve connectivity with Lincoln Road.
The hotel will anchor the Convention Center District and expand Miami Beach’s capacity to host major conferences and events. Both developers are long-standing players in South Florida’s real estate market.
