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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.