JW Marriott Miami Turnberry Secures $550M Refinancing Amid Expansion

Billionaire Jeffrey Soffer has secured a $550 million refinancing deal for JW Marriott Miami Turnberry Resort & Spa, reinforcing its standing as a premier luxury hospitality destination in Aventura. The financing, provided by Goldman Sachs and J.P. Morgan, replaces a $412 million loan from the Bank of China New York Branch. This move further strengthens Fontainebleau Development’s position in the South Florida real estate market.

Major Refinancing Boost for JW Marriott Miami Turnberry

This refinancing follows a similar effort by Soffer’s Fontainebleau Development. Recently, the same lenders provided a $975 million commercial mortgage-backed securities loan and a $225 million mezzanine mortgage for Fontainebleau Miami Beach. The deal, secured by the 1,594-room oceanfront hotel and its convention center, highlights the growing investor confidence in Miami’s luxury sector.

Newmark’s Role in the Refinancing Process

Real estate advisory firm Newmark, led by Jordan Roeschlaub and Jonathan Firestone, structured both refinancing transactions. Notably, Newmark also managed a 2022 refinancing for JW Marriott Miami Turnberry, replacing a $339.5 million loan and supplementing it with $72.6 million to support further enhancements.

Continued Investment in JW Marriott Miami Turnberry

Since 2019, when Soffer gained full ownership of JW Marriott Miami Turnberry Resort & Spa, he has invested heavily in upgrades. The resort underwent a $300 million expansion, adding a 16-story, 282-room tower to its footprint. The 270-acre property now boasts 685 rooms, two championship golf courses, a luxury spa, six dining venues, and a country club. Additionally, it is home to the Tidal Cove Waterpark, enhancing its appeal as a top-tier luxury destination in Aventura.

International Stake in Miami’s Luxury Hospitality Market

In 2019, British billionaires David and Simon Reuben acquired a 25% stake in the JW Marriott Miami Turnberry Resort, underscoring international investor interest in South Florida’s hospitality market.

Jeffrey Soffer’s Expanding Real Estate Portfolio

Beyond hospitality, Fontainebleau Development plays a significant role in Miami’s ultra-luxury real estate sector. The firm continues to own and operate Fontainebleau Miami Beach, a historic and iconic hotel. However, its luxury condo project, Turnberry Ocean Club in Sunny Isles Beach, faces legal challenges.

In April 2024, the Turnberry Ocean Club condo association filed a lawsuit in Miami-Dade Circuit Court, alleging construction defects against Fontainebleau Development and its contractors. The case remains ongoing, reflecting the complexities within Miami’s high-end real estate development scene.

South Florida’s Luxury Market Remains Strong

Despite shifts in the real estate market, South Florida’s luxury sector continues to thrive. High-profile refinancing deals like these signal sustained investor confidence in Miami’s premium real estate market. As demand for luxury resorts and residences remains high, Miami remains a prime destination for both domestic and international investors.