Joint-venture partners the Related Group of Florida and SBE Hotel Group secured a $157 million loan from Canyon Capital Realty Advisors to finance the development of the SLS Brickell Hotel & Residences in Miami.
The loan will be used to develop a 54-story luxury mixed-use tower comprising a 124-room SLS branded hotel and 453 SLS-branded residential condominiums located above the hotel. The hotel will include ground floor restaurants featuring concepts by chefs Michael Schwartz and José Andrés.
The SLS Brickell brings another marquee property to Canyon Capital Realty’s current portfolio of hospitality transactions, which includes the W Austin Hotel & Residences; the Washington Hilton (Washington, DC); and the Hotel Icon (Houston, Texas).
