Terra and Turnberry secures $392m in financing for new Miami hotel
Terra and Turnberry, two South Florida-based real estate development firms, have secured $392 million in construction financing for the development of Grand Hyatt Miami Beach.
The financing was provided by TYKO Capital, a multi-billion-dollar commercial real estate private equity and private credit investment management platform, backed by Elliott Investment Management and led by Adi Chugh.
With pre-construction sitework already completed, the financing paves the way for the project’s groundbreaking, with delivery slated for late 2027.
Grand Hyatt Miami Beach will comprise an 800-room, 17-story property adjacent to the newly renovated Miami Beach Convention Center.
Designed by Arquitectonica’s Bernardo Fort-Brescia, the property will feature 12 floors of guest rooms, including 52 suites with views of Miami Beach, along with four floors of meeting and ballroom spaces that will complement the Miami Beach Convention Center’s event programming.