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7 mh BANKS ADVANCE $22M FOR RITZ-CARLTON ON THE BEACH 02/10/2003
THE MIAMI HERALD
Copyright (c) 2003, The Miami Herald
DATE: Monday, February 10, 2003 EDITION: Final
SECTION: Business Monday PAGE: 21G LENGTH: 70 lines
SOURCE/CREDIT LINE: MICHAEL Y. CANNON, Special to The Herald
MEMO: REAL ESTATE
BANKS ADVANCE $22M FOR RITZ-CARLTON ON THE BEACH
Hotel at 155 Lincoln Rd., Miami Beach.
Borrower: DiLido Beach Resort, whose general partner is Lionstone DiLido,
Alfredo Lowenstein and attor-
ney Bruce E. Lazar, officials.
Total New Funding Advanced: $22 million.
SunTrust Bank, which held prior construction loans and advances dating from
1999 to 2001 for $68 million, has advanced an additional $6 million. A second
mortgage has been held by Marriott International Capital for $35 million,
which was increased by $6 million in 2001. The new secondary lender is Luxury
Finance, who has advanced $12 million and $4 million. Lionstone also owns the
Biscayne Bay Marriott on the Miami River. Construction loans are for the
restoration and transformation of the former DiLido Hotel, a 1950s
architectural landmark located in the Miami Beach Art Deco district, into The
Ritz-Carlton, South Beach, a 375-room hotel currently under construction and
scheduled to open in October 2003.
PALM DRIVE ACREAGE
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8 of 10, 5 Terms
mh UPGRADE INTO A RITZ? 04/21/1998
THE MIAMI HERALD
Copyright (c) 1998, The Miami Herald
DATE: Tuesday, April 21, 1998 EDITION: Final
SECTION: Business PAGE: 7B LENGTH: 66 lines
ILLUSTRATION: photo: Ritz Carlton chain (a)
SOURCE/CREDIT LINE: By DALE K. DuPONT Herald Business Writer
UPGRADE INTO A RITZ? DILIDO IS COUNTING STARS
The Dilido Hotel in Miami Beach is going deluxe.
Owners of the Art Deco district hotel, at Collins Avenue and Lincoln Road,
are discussing a joint venture with the developers of the Ritz-Carlton
condominium project in Coconut Grove to remake the 334-room property.
They are talking about pumping in $100 million to bring the early 1950s-era
hotel to five-star condition and possibly hang a Ritz flag on it. If the
project goes through, it would be further evidence that major hotel companies
want their names attached to Miami Beach properties and that the Beach has
become a hotbed for developers.
Bruce Fahey, president of McCann/Grove Miami Holdings, and William Madden,
managing member of McCann Real Equities Development, would not say exactly
where negotiations stand, suggesting only that a resolution was several months
r III
away. Plans are close to being filed with the Miami Beach Design Review Board.
McCann approached the Dilido several months ago.
"We have been looking for an opportunity to refurbish the hotel with some
concept that would be exciting for the Beach, " said Bruce Lazar, Dilido's
vice president and general counsel. "Over the last two years, everyone's
knocked on our door. "
"The Dilido is doing very well, but it's a 2-1/2 star property, " Lazar
said. He represents Alfredo Lowenstein, who has owned the Dilido since the
early '70s and also owns the Seville at 29th Street and Collins Avenue.
"We have looked at the Dilido site, and, hopefully, we can have a hotel
there, " said Karon Cullen, spokeswoman for the Ritz-Carlton, which is owned
by Marriott. "It's one of about 60 sites we're looking at worldwide. "
She said it was too early to say what the hotel would be called, but the
company likes to have its name plus the destination, like Ritz-Carlton South
Beach.
Two Ritz-Carltons would appeal to different audiences. The Grove would
attract business travelers, and the Beach would cater to tourists.
"You've got a beach that's picking up very nicely, " said Miami
hospitality consultant Scott Brush.
Luxury hotel developers have been scouring the area for years, said Scott
Berman, director of Coopers & Lybrand's hospitality consulting group in Miami.
But barriers to entry are high because vacant land is scarce "making it very
difficult to make a deal work, " he said.
A Ritz would complement new ventures like the $135 million, 800-room Loews
convention hotel and other renovations on the Beach as well as proposed
high-end hotels like the Mandarin Oriental on Brickell Key.
A Ritz also would command rates of more than $200 a night. In season, the
Dilido's rates range between $99 and $160.
McCann then would have two major projects in South Florida. "We are very
bullish on the city of Miami, " Madden said.
Added Fahey: "We're down there, and we'd like to maximize our
operations. "
McCann expects to start construction in July on the $100 million
hotel/condominium in the Grove on land across Southwest 27th Avenue from the
deluxe Grand Bay Hotel. The 250-room hotel will occupy the first 14 floors of
one of two 20-story towers. The remaining floors will have 30 condos with
prices starting at $500, 000. The second tower will have 95 condos.
McCann, an Armonk, N.Y.-based real estate and construction company, has
developed shopping centers and offices mainly in the Northeast.
CAPTION: Herald File Photo A DREAM OF LUXURY: The 2-1/2 star Dilido, at
Collins Avenue and Lincoln Road, commands rates that range between $99 and
$160 during tourism season. As a Ritz, it could set rates of more than $200.
The property is one of about 60 that the Ritz-Carlton chain is looking at
worldwide for new ventures.
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