Fontainebleau Development has agreed two loans totaling $1.75 billion to refinance two South Florida resorts: the Fontainebleau Miami Beach and the JW Marriott Miami Turnberry Resort & Spa.
$1.2 billion is for the Fontainebleau Miami Beach, while $550 million is for the JW Marriott Miami Turnberry Resort & Spa.
Newmark Group arranged the loans. Jordan Roeschlaub and Jonathan Firestone, Newmark co-presidents of global debt and structured finance, Vice Chairman Nick Scribani, Managing Director Tyler Dumon and Director John Caraviello secured the financing from Goldman Sachs and J.P. Morgan on both transactions.
"These financings underscore the enduring appeal of South Florida's premier hospitality assets," Roeschlaub said in a statement. "The Fontainebleau Miami Beach and JW Marriott Miami Turnberry Resort & Spa are iconic destinations and exemplars of innovation in the luxury resort market. These transactions highlight the confidence that institutional capital has in best-in-class assets and operators in this dynamic region."
The Fontainebleau Miami Beach has remained a landmark destination in Miami Beach for more than 70 years since its original development in 1952, and just delivered a newly built convention center in December 2024. The hotel spans more than 22 acres and has 1,594 guestrooms across four distinct towers. Amenities include full-service beachfront access, 11 unique pools with luxury cabanas, nine food and beverage outlets, three nightlife and lounge venues, 200,000 square feet of existing meeting and event space and a 40,000 square foot spa, which includes a 5,800 square foot fitness center.
The JW Marriott Miami Turnberry Resort & Spa was originally developed in 1967 and recently underwent an extensive renovation and expansion in 2019. The 270-acre resort includes 685 guestrooms, two golf courses with a private country club, 120,000 square feet of meeting and event space, six restaurants and lounges, a waterpark and a 25,000-square-foot spa.