The Keyah Real Estate Group has received USD 38 million in financing to reposition a hotel in Miami Beach. The property will operate under Starwood®’s Treehouse Hotels brand, according to land registry records. The project is designed as an adaptive reuse, combining two hotels dating from the 1940s: the former Haddon Hall Hotel at 1500 Collins Avenue and the Campton Apartments at 1509 and 1515 Washington Avenue, both located in South Beach's Art Deco District.
Maxim Credit Group provided the financing, increasing a USD 15 million loan granted in 2024 by USD 23 million. The Aventura-based developer acquired the hotels, situated on a 1.8-hectare site, this year for an undisclosed price. Last year, Miami Beach authorities already approved plans to merge the properties into a 262-room hotel, with its opening anticipated for 2029.
Strategic Repositioning under Starwood's Umbrella
Raul Leal, CEO of Starwood Hotels, commented in a statement. He explained that by reimagining these historic buildings with a modern perspective, the property creates an experience that respects Miami Beach’s architectural heritage yet feels fresh, relaxed, and unmistakably Treehouse. This undertaking marks the first project in Miami Beach since Barry Sternlich's Starwood Capital Group regained the rights to the Starwood Hotels brand last year, after it had been under Marriott International's ownership for a decade.
In addition to the Treehouse name, the brands 1 Hotels and Baccarat also belong to this unit. The financing comes at a time when another hotel on Washington Avenue has faced difficulties. Following a USD 205 million foreclosure judgment in May, CIM Group last week took control of the 266-room Goodtime Hotel with a bid of only USD 100, as reported by The Real Deal.
Development Outlook
The development of the Treehouse Hotels in Miami Beach is expected to be a significant addition to the local hotel market, combining the appeal of historic architecture with contemporary design and comfort. The transformation also reflects the ongoing trend of revitalising and repositioning existing properties in key markets.
