**Terra and Turnberry Secure $392M Construction Loan for Grand Hyatt Miami Beach**
Terra and Turnberry have secured $392 million in construction financing for the development of the Grand Hyatt Miami Beach, a major 800-room, 17-story hotel project located adjacent to the Miami Beach Convention Center. The financing was arranged by TYKO Capital and is backed by Elliott Investment Management, with Adi Chugh leading the effort.
With pre-construction site work already completed, the newly secured financing clears the way for the project’s groundbreaking, with completion and delivery anticipated in late 2027.
Designed by architecture firm Arquitectonica, the Grand Hyatt Miami Beach will comprise 12 floors of guest accommodations, including 52 suites offering panoramic views of Miami Beach. The hotel is planned to include four floors of meeting and ballroom space, ideal for conventions and large events. Guests will also have access to premium amenities such as a rooftop pool deck with views of the city, a full-service restaurant, a lobby lounge and bar, and retail space.
One of the hotel’s key features will be a climate-controlled sky bridge that will connect directly to the Miami Beach Convention Center, providing added convenience for conference attendees.
The financing milestone follows a $75 million grant awarded to the development by the Miami Beach Redevelopment Agency in late 2024.
This project marks a significant investment in the continued transformation and revitalization of the Miami Beach hospitality and convention landscape.
