MIAMI BEACH, FL – April 11, 2025 – In a significant step forward for Miami Beach’s hospitality and tourism sector, leading South Florida developers Terra and Turnberry have secured $392 million in construction financing for the much-anticipated Grand Hyatt Miami Beach. The funding, provided by TYKO Capital—a real estate investment platform backed by Elliott Investment Management—will fast-track development of the 17-story, 800-room hotel directly adjacent to the Miami Beach Convention Center.
With pre-construction groundwork already completed, full-scale construction is now set to begin, with the hotel’s grand opening projected for late 2027.
Strategic Boost for Miami Beach’s Convention Scene
“The Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach’s hospitality offerings,” said David Martin, CEO of Terra, and Jackie Soffer, Chairman and CEO of Turnberry, in a joint statement. “It will elevate conventions and events, while creating jobs and economic impact.”
The Grand Hyatt Miami Beach will become the first major convention hotel physically connected to the recently renovated Miami Beach Convention Center, significantly boosting the city’s competitiveness in attracting large-scale national and international events.
“This is a game-changer for meeting planners,” added David Whitaker, President & CEO of the Greater Miami Convention & Visitors Bureau. “With an unmatched location and resort-level amenities, it will elevate the entire convention ecosystem.”
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Design, Amenities, and Economic Vision
Architect Bernardo Fort-Brescia of Arquitectonica has designed a bold structure featuring 12 guestroom floors, including 52 luxury suites, and four floors of meeting and ballroom spaces. Amenities will include a rooftop pool, signature restaurant, bar, retail spaces, and a climate-controlled skybridge linking the hotel to the convention center.
The development aligns with Miami Beach’s sustainability goals, promising new public spaces, pedestrian-friendly walkways, and improved transit connectivity, including bike-sharing stations.
Public Support and Vision Realized
The Grand Hyatt Miami Beach project has strong community and institutional backing. In late 2024, it received a $75 million grant from the Miami Beach Redevelopment Agency, reinforcing its role as a catalyst for economic growth. Approved by voters in 2018, the hotel is a cornerstone of the city’s long-term vision to turn the Convention Center District into a thriving, walkable destination.
With its blend of bold design, connectivity, and economic promise, the Grand Hyatt Miami Beach is poised to reshape how Miami Beach hosts the world.
