J.P. Morgan Chase has once again provided financing for a hotel in South Florida owned by Blackstone Real Estate. The bank issued a $205 million loan, secured by the East Miami Hotel in the Brickell District, according to available property records.
The 39-storey hotel comprises 352 rooms, including 89 serviced apartments, a 20,000-square-foot pool deck, and the Sugar Rooftop Bar. It forms part of the 5 million square-foot Brickell City Centre, a mixed-use complex located at 788 Brickell Plaza.
The New York-based private equity giant Blackstone acquired the 536,070-square-foot property last year for approximately $300 million from Trinity Investments and Certares Real Estate Management. This current refinancing marks Blackstone's first borrowing against this asset, which was completed in 2016. The East Miami is one of three hotels under the luxury East brand; the other locations are in Hong Kong and Beijing.
Continuous Financing Activity in South Florida
Only last month, J.P. Morgan Chase provided $115 million to refinance Blackstone's beachfront W Hotel in Fort Lauderdale. Blackstone had acquired this 346-room property in 2024 for $153 million. These financings are part of a series of significant refinancing activities in South Florida.
In April, Trinity Investments and UBS, among others, secured a total of $600 million for the Diplomat Beach Resort in Hollywood, which boasts over 1,000 rooms and is also directly on the seafront. This financing was also provided by J.P. Morgan Chase and Citi Real Estate Funding. Representatives for Blackstone did not immediately comment on these developments when asked.
