Madison Newbond, the institutional lender managed by Madison Realty Capital and Newbond Holdings, provided a $79.3 million loan to MetLife Investment Management and MDM Group for the JW Marriott Marquis Miami in the city’s central business district.
Located at 255 Biscayne Boulevard Way, the 357-key hotel belongs to the four-building complex developed by MetLife and MDM known as Met Square, an “instrumental development in the revitalization of downtown Miami,” said Josh Zegen, managing principal of Madison Realty, in a statement. The hotel, renovated for $16 million in 2023, offers 313 JW Marriott Marquis rooms alongside 44 Hotel Beaux Arts rooms, part of the hospitality company’s Autograph Collection.
As of July, the downtown Miami market is one of only a handful of regional neighborhoods to see higher occupancy rates than the same time last year, according to figures from the Greater Miami Convention and Visitors Bureau. July hotel occupancy came in at 68.4%, a 2.9% increase over the same time last year, which ended in a record 28 million visitors — the most ever recorded across Miami-Dade County, according to the GMCVB.
In a separate statement, JLL's Paul Stasaitis, a senior managing director with the brokerage that represented the borrowers in the deal, noted the downtown hospitality market was experiencing a combination of factors that made for "an exceptionally favorable environment for luxury hotel product."
The JW Marquis Miami offers a direct connection to the Wells Fargo Center and sits in one of the most dense pockets of the city. The Southeast Financial Center, Aston Martin Residences, Kimpton Epic hotel and the James L. Knight Convention Center are all within a block.
The hotel is connected to the rest of Miami’s urban core, including the city's stadium, performing arts center, art and science museums, and the Brickell financial district south of the Miami River by the city’s elevated light rail Metromover system.
Amenities at the hotel include an infinity pool, NBA-sized basketball court, entertainment lounge, spa, fitness center, meeting and event space, a number of food and beverage outlets, and what's billed as the largest hotel ballroom in the central business district.
For the record
Alongside Stasaitis, the JLL team representing the borrower included Kevin Davis, Mark Fisher and Henry Winchester.