Grand Hyatt Miami Beach Secures $392M in Funding, Set to Break Ground Near Convention Center
April 18, 2025
Terra and Turnberry, two prominent real estate development firms in South Florida, have secured $392 million in construction financing to advance the Grand Hyatt Miami Beach — a transformative 800-room, 17-story hotel project adjacent to the Miami Beach Convention Center. The funding, provided by TYKO Capital — a commercial real estate investment platform backed by Elliott Investment Management and led by Adi Chugh — marks a significant milestone for the project, which is scheduled for completion in 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, 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.”
Located at 17th Street and Convention Center Drive, the future Grand Hyatt Miami Beach will offer direct, climate-controlled access to the newly upgraded Miami Beach Convention Center. It will be the first central convention hotel in the city that is both adjacent to and connected to the convention center, giving Miami Beach a competitive edge in attracting global conferences and events.
David Whitaker, President & CEO of the Greater Miami Convention & Visitors Bureau, called the project a “game-changer” for the region’s convention ecosystem. “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,” he said.
Pete Sears, Group President of the Americas for Hyatt, echoed the excitement, highlighting the brand’s commitment to integrating into Miami Beach’s cultural and hospitality scene. “Grand Hyatt Miami Beach will blend the destination’s vibrant energy with the brand’s bold architecture, inventive restaurants, and luxury accommodations,” said Sears. “We look forward to offering a new way to experience Miami Beach.”
The hotel, designed by renowned architect Bernardo Fort-Brescia of Arquitectonica, will include 12 floors of guest rooms — including 52 suites with expansive views — and four floors of meeting and event space that complement the Convention Center’s offerings. Guests will enjoy resort-style amenities, including a rooftop pool deck, signature restaurant, lobby lounge and bar, and retail spaces to enhance the street-level pedestrian experience.
A climate-controlled sky bridge will connect the hotel directly to the Convention Center, improving convenience and accessibility for event-goers.
The $392 million construction loan follows a $75 million grant awarded to the development by the Miami Beach Redevelopment Agency in late 2024, underlining strong public-private support for the project. The hotel is expected to be a powerful economic catalyst for the area.
Further aligning with Miami Beach’s goals for sustainability and livability, the development will also introduce public spaces, pedestrian promenades, bike-sharing stations, and improved access to public transportation — enhancing connectivity to the nearby Lincoln Road district.
The Grand Hyatt Miami Beach, approved by voters in 2018, has been in the making. It represents a cornerstone of the city’s long-term vision to transform the Convention Center District into a vibrant, walkable hub for residents and visitors.