Tyko Capital, backed by Elliott Investment Management, provided a $392 million loan to build a Grand Hyatt Miami Beach adjacent to the area’s convention center.
The 800-room hotel will be located at 17th Street and Convention Center Drive, according to a statement. The project being developed by Terra and Turnberry is expected to be ready in late 2027.
“There’s a huge demand for new product in Miami Beach,” Turnberry Chief Executive Officer Jackie Soffer said. “Obviously with the convention center, this is something that was really important for the city, because in order to get better conventions, they needed a better convention hotel.”
Plans for the hotel were initially approved by Miami Beach voters in 2018. In late 2024, the project also received a $75 million grant from the Miami Beach Redevelopment Agency.
Tyko has been active in providing construction loans for luxury projects across South Florida. Last year, the company lent nearly $1 billion for the construction of two luxury condominium projects in Miami’s South Brickell neighborhood and nearby Bal Harbour. Tyko also provided a $565 million loan to a new Miami office tower that has tenants including Citadel and Microsoft Corp.
While the tariff battles have increased uncertainty in the market, Terra CEO David Martin said the developers are well-prepared to deal with it.
“We have a significant contingency in this overall capitalization that allows us to mitigate and be able to handle some of the tariff concerns,” Martin said.
