Terra and Turnberry To Begin Construction of Grand Hyatt Miami Beach After Locking Down $392 Million In Financing

Terra and Turnberry, two of South Florida’s leading real estate development firms, have secured $392 million in construction financing that will help advance the development of Grand Hyatt Miami Beach, an 800-room, 17-story property adjacent to the Miami Beach Convention Center. 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.

"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. "Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach’s hospitality offerings, elevating the conventions and events that come to our community while creating jobs, new revenue and economic impact."

Strategically located at 17th Street and Convention Center Drive, Grand Hyatt Miami Beach will provide seamless access to the newly renovated Miami Beach Convention Center. With resort-style amenities, the hotel will aim to serve as Miami Beach’s first major convention hotel adjacent to and connected to the Miami Beach Convention Center, enhancing the city’s ability to attract major national and international clients.

"Grand Hyatt Miami Beach is a game-changer for major meeting and event planners and a transformative addition to our convention center ecosystem,” said David Whitaker, President & CEO of the Greater Miami Convention & Visitors Bureau. “With an unmatched location seamlessly connected to the Miami Beach Convention Center and just steps from world-renowned Miami Beach, this hotel creates a one-of-a-kind experience for meeting planners and attendees alike. As a premier, year-round destination, Greater Miami is already a powerhouse for major events, and this addition solidifies our position as a top choice for high-profile conventions and meetings from around the globe."

“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. “Grand Hyatt Miami Beach will work to seamlessly blend the destination’s colorful, vibrant spirit with the brand’s bold architecture, inventive restaurants and luxury accommodations. We look forward to offering guests and World of Hyatt members a new way to experience Miami Beach in a setting that will be as inspiring as the city itself.”

Designed by Arquitectonica’s Bernardo Fort-Brescia, the property will feature 12 floors of guest rooms, including 52 suites with sweeping views of Miami Beach, along with four floors of meeting and ballroom spaces that will complement the Miami Beach Convention Center’s event programming. Guests will be able to enjoy a resort-style pool deck with panoramic city views, a signature restaurant, lobby lounge and bar, as well as retail space designed to activate the street-level pedestrian experience. Additionally, a climate-controlled skybridge will provide seamless access between the hotel and the Miami Beach Convention Center, enhancing connectivity and convenience for event attendees.

The financing news comes on the heels of a $75 million grant that the development was awarded through the Miami Beach Redevelopment Agency in late 2024, underscoring its role as a critical economic driver for the region. The grant reflects strong public and private support for the hotel’s potential to enhance Miami Beach’s global competitiveness as a premier destination for meetings, conferences and events.

The development also plans to introduce new public spaces, pedestrian-friendly promenades, bike-sharing stations, and connectivity to public transit, aligning with Miami Beach’s broader sustainability and resilience goals while providing access to the city’s nearby Lincoln Road district.

Grand Hyatt Miami Beach has been years in the making, with plans for the hotel overwhelmingly approved by Miami Beach voters in 2018. The project is a key component of the city’s efforts to transform its Convention Center District into a more dynamic, walkable and economically vibrant hub.

The Grand Hyatt Selected as Flag for New Miami Beach Convention Center Hotel

The development team behind Miami Beach’s new Convention Center hotel announced today that the 800-room property will be operated by Hyatt under the luxury Grand Hyatt brand, when it opens to guests in 2023. Grand Hyatt Miami Beach will create a new hospitality option for visitors attending events at the adjacent Miami Beach Convention Center, which underwent a $600 million renovation that was completed last year, and will anchor the Convention Center District.

The new hotel will become the second Grand Hyatt property in Florida, joining Grand Hyatt Tampa Bay. Grand Hyatt hotels are designed to connect guests with iconic experiences, landmarks and cultural touchstones in captivating destinations around the world. Hallmarks of the brand include bold and vibrant design and architecture, elevated amenities and welcoming service that creates moments of more.

The hotel development is being led by David Martin of Terra and Jackie Soffer of Turnberry, whose plans for the hotel were overwhelmingly approved by Miami Beach voters in 2018. The 17-story hotel will be situated at the intersection of 17th Street and Convention Center Drive, within walking distance of the beachfront, Lincoln Road Mall, New World Symphony, The Bass Museum and The Fillmore Miami Beach.

“For years, Miami Beach has served as a global destination for arts, culture, shopping, dining and entertainment, but the City has lacked a true headquarters hotel for top-tier conventions and meetings,” said Martin and Soffer. “South Florida’s first Grand Hyatt hotel will maximize Miami Beach’s investment in its re-imagined Convention Center while bridging the physical gap that exists between the Convention Center District and surrounding neighborhoods.”

 Grand Hyatt Miami Beach will be designed by architect Bernardo Fort-Brescia and his firm, Miami-based Arquitectonica. The development team also includes partner Craig Robins of Dacra, who is the visionary behind the Miami Design District and helped revive Miami Beach’s Art Deco District in the 1990s; Stonehill Taylor, which is designing the hotel’s interior lobby and lounges, ballroom and meeting rooms, hotel rooms and all common areas; EOA, which is designing the pool deck hospitality features of the hotel; and Arquitectonica GEO, which is creating lush pedestrian promenades and landscapes.

Hotel features are expected to include 12 floors of guest rooms offering views of Miami Beach, two floors of meeting spaces and ballrooms that will complement the Convention Center, a resort-style pool deck with panoramic views, and limited retail space that will activate the district at street level. An elevated skybridge will enable event attendees to move freely between the hotel and Convention Center in a climate-controlled, art-filled corridor. 

Plans also include landscaped pedestrian promenades on surrounding streets, bike sharing stations, connectivity with public transit routes, dedicated ridesharing pick-up and drop-off zones, and direct access between the Convention Center and Lincoln Road. The project’s resiliency and sustainability measures include storm water management and reuse, flood risk mitigation, and the use of solar power – all of which are designed to ensure operational continuity during weather events.

“The Greater Miami Convention & Visitors Bureau (GMCVB) joins Terra, Turnberry and The City of Miami Beach in welcoming the Grand Hyatt Miami Beach as the newly named brand for the 800-room headquarter hotel connected to the Miami Beach Convention Center,” said William D. Talbert, III, CDME, President of the GMCVB.  “Grand Hyatt Miami Beach makes it possible to better compete for citywide conventions which fuel jobs in our community and generates business for all of Greater Miami’s hotels and merchants. We look forward to the hotel ground-breaking which once completed will finalize the Miami Beach Convention Center District.” 

By Katya Demina