**Official Press Release published by the City of Miami Beach**

Miami Beach, FL – The City of Miami Beach is excited to announce that development firms Terra and Turnberry have successfully secured financing that will help advance the development of Grand Hyatt Miami Beach, an 800-room, 17-story property adjacent to the Miami Beach Convention Center. With pre-construction sitework already completed, the financing paves the way for the project’s groundbreaking, with delivery slated for late 2027.

“The Miami Beach Convention Center Hotel will be a game-changer for our local economy. This project will drive year-round tourism, create new jobs including for our residents, and bring new business to our restaurants, shops, and cultural institutions,” said Miami Beach Mayor Steven Meiner. “It’s a major investment in the long-term economic vitality of Miami Beach.”  

Grand Hyatt Miami Beach represents an essential piece of the city’s long-term vision for the Convention Center District. It builds upon the city’s prior $640 million investment to transform the Miami Beach Convention Center into a state-of-the-art facility to host top-tier conventions and conferences. The addition of an integrated headquarter hotel will significantly enhance the competitiveness of the Convention Center by providing on-site accommodations and meeting spaces that are critical to attracting first-rate events. Together, these investments will position the City of Miami Beach as a premier meetings destination, while generating substantial economic and community benefits for years to come.

Designed by Arquitectonica’s Bernardo Fort-Brescia, the property will feature 12 floors of guest rooms, including 52 suites with sweeping views of Miami Beach, along with four floors of meeting and ballroom spaces that will complement the Miami Beach Convention Center’s event programming. Guests will be able to enjoy a resort-style pool deck with panoramic city views, a signature restaurant, lobby lounge and bar, as well as retail space designed to activate the street-level pedestrian experience. Additionally, a climate-controlled skybridge will provide seamless access between the hotel and the Miami Beach Convention Center, enhancing connectivity and convenience for event attendees.

The development also plans to introduce pedestrian-friendly promenades, bike-sharing stations, and connectivity to public transit, aligning with Miami Beach’s broader sustainability and resilience goals while providing access to the city’s nearby Lincoln Road district.

Grand Hyatt Miami Beach has been years in the making, with plans for the hotel overwhelmingly approved by Miami Beach voters in 2018. The project is a key component of the city’s efforts to transform its Convention Center District into a more dynamic, walkable and economically vibrant hub.

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About Terra:

Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods, and connects people. Led by David Martin, Terra was founded in 2001 and is active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels, and industrial properties. Terra owns and operates a carefully curated portfolio of real estate developments valued at more than $8 billion that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than 5 million square feet of residential, commercial, and mixed-use projects across South Florida. Terra thrives by assembling teams comprised of the world’s most accomplished architects, designers, planners, engineers and builders who collaborate to bring the firm’s development vision to life. Learn more at www.terragroup.com.

About Turnberry:

Turnberry is a leading developer, owner and operator of luxury destinations, from hotels and restaurants to residential, retail and mixed-use projects. It has developed more than $10 billion in commercial and residential assets, including approximately 20 million square feet of retail space, more than 7,000 apartments and condominium units, 1.5 million square feet of class “A” office space and more than 3,000 hotel and resort rooms. Led by Chairman and Chief Executive Officer Jackie Soffer, Turnberry owns and operates Aventura Mall, Town Center Aventura, Destin Commons, JW Marriott Nashville, and The Seagate in Delray Beach, Florida. The portfolio also includes an array of select service hotels including Residence Inn by Marriott Aventura Mall and Courtyard by Marriott Aventura. Turnberry is currently developing the 800-key Grand Hyatt Miami Beach connected to the Miami Beach Convention Center with Terra Group. It also recently announced it would develop the St. Regis Hotel and the St. Regis Residences in Nashville, Tennessee. In partnership with LeFrak, Turnberry is developing SoLé Mia in North Miami, an 184-acre project that includes plans for 5,000+ units and 1 million square feet of retail and commercial space. Currently at SoLé Mia, Turnberry is completing construction on ONE Park Tower, a 33-story tower with 292 bespoke residences. From more information visit:  www.Turnberry.com.