Greenberg Traurig got a $36.8 million loan for the restoration of two vacant Miami Beach properties to cover more than half the cost needed to breathe life into the historic buildings.
Miami Beach-based hospitality company VOS Hospitality, part of Trans Inns Management Inc., and health care and hospitality investment firm B Group Capital have partnered on the $60 million overhaul. The closed Greystone South Beach hotel at 1920 Collins Ave. and the Santa Barbara Hotel at 230 20th St. are next to each other and will be combined into a single hotel, The Greystone Hotel Miami.
Moinian Capital Partners, the financing arm of the New York-based real estate developer Moinian Group, which launched last year, issued the loan.
The Greystone Hotel is expected to reopen this year, according to VOS Hospitality’s website. It will have 92 rooms, a 135-seat restaurant, a 45-seat outdoor cafe, a rooftop pool and entertainment area, and a 1930s-style basement speakeasy, Rosetto said.