Terra and Turnberry secured $392 million in construction financing for the development of Grand Hyatt Miami Beach, an 800-room, 17-story property adjacent to the Miami Beach Convention Center. The financing was provided by TYKO Capital, backed by Elliott Investment Management and led by Adi Chugh. With pre-construction site work already completed, the financing paves the way for the project’s groundbreaking, with delivery slated for late 2027.

Designed by Arquitectonica, 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. Guests will enjoy a pool deck with city views, a restaurant, lobby lounge and bar, and retail space. Additionally, a climate-controlled sky bridge will provide access between the hotel and the Miami Beach Convention Center.

The financing news follows a $75 million grant that the development was awarded through the Miami Beach Redevelopment Agency in late 2024.