A roughly $800 million deal between Jeffrey Soffer’s Fontainebleau Development to acquire Brookfield Property Partner’s Diplomat Beach Resort Hollywood was called off on May 8 as the effects of COVID-19 on South Florida’s hotel and tourism industries continues to cause havoc.
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HES Group Secures Loan $9.5 Million Loan For Triptych Hotel in Midtown
HES Group has secured a $9.5 million loan for Triptych Hotel, in Midtown Miami, adjacent to Miami Design District. The loan was provided by a Panama-based lender 21 Brands S.A. Triptych Hotel was approved earlier this year, after HES Group sold JQ Group shares in the project for undisclosed terms.
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Triptych Hotel Approved in Midtown
Triptych Hotel has been approved under the Miami 21 Zoning Code after submitting revisions to their original plans and scaling back the project. New plans show the project to rise 20 stories featuring 252 hotel rooms, 300 parking spaces, 38,000 SF of retail and 41,000 SF of office space. The hotel will be operated as a Hilton Curio Hotel. The hotel will be among the first in Midtown and will join HYDE Midtown when completed as the main hospitality options between Midtown and Design District. Triptych Hotel is being developed by HES Group and JQ Group.
