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Four Seasons Hotel & Residences at the Surf Club, Miami, FL

Four Seasons Hotel & Residences at the Surf Club, Miami, FL

The Four Seasons Hotel & Residences at the Surf Club, Miami features 77 rooms and 150 luxury condominium units and hosts Two Michelin star-rated restaurants including Thomas Keller’s first restaurant in the state of Florida (Per Se (NYC) and French Laundry (Napa Valley).

The legendary private Miami club has been reinvented by the Four Seasons brand. Set in the northern end of Miami Beach, this hacienda-style hotel has been brilliantly extended by Richard Meier, whose 12-story glass towers seem to float above the terracotta tiles of the original 1930s Mediterranean-style pantile roofs and situated four blocks from the Bal Harbour Shops, the number one ranked shopping center in the world (based on annual sales per square foot).

Since its opening in March 2017, The Four Seasons Hotel & Residences at the Surf Club, Miami is outperforming expectations with bookings for this winter season yielding occupancy of over 90% and estimated ADRs of $1,000+.

Project Summary

  • Project Name: The Four Seasons Hotel & Residences at the Surf Club, Miami, FL
  • Project Website: The Four Seasons at Surf Club Hotel
  • Exemplar Approval: Received on April 10th, 2018
  • I-526 Petitions Already Approved: First I-526 approved in October 2018
  • Target Capital Raise: Up to $100 MM
  • Total Raise at the time of Fund Closure: $99 MM
  • Total Project Cost: $828 MM project located on the longest pristine private beach in Miami
  • Total Expected Job Creation: 9,180 total new jobs (RIMS II Model)

Capital Stack

Conservative Project Capitalization

All financing, both debt and equity, has been secured. The proceeds from LCR’s EB5 offering and closing of pre-sold condos are being used to (i) repay Blackstone’s bridge construction loan, (ii) complete construction of the residences and (iii) fund construction of parking facility and market across Collins Avenue.

Capital Stack

Fort Partners put in $166 Mn of Equity against $210 Mn of Bridge Loan from Blackstone when the project started in 2014, thus having over 40% Equity in the Capital Stack.As of today, the Blackstone Loan has been repaid and the only Debt on the Project Balance Sheet is up to $100 Mn of EB5 Loan which represents over 55% Equity in the Capital Stack.

Independently vetted

Independently vetted and backed by Blackstone’s Real Estate Group, the largest (and arguably the savviest) real estate private equity firm in the world, who then demonstrated their confidence in Fort Partners’ track record and vision, by providing over $200 million of bridge construction financing.

EB-5 Immigration-related Highlights & Safeguards:

  • I-526 Denial Refund Guarantee: The LCR Fort Development Fund has provided an unconditional guarantee guaranteeing the refund of your investment in the project in the event the USCIS denies approval of your application under the EB-5 Immigration Program (i-526 denial). The I-526 Denial Refund Guarantee greatly reduces the financial risk to you in the event of a denial of your I-526 application.
  • Strong Collateral Improves Safety of EB5 Investment: With strict covenants in place, the developer must maintain a minimum 80/20 debt to equity ratio at all times. Most EB5 projects do not have the same investor protections in place.

Project Developers

  • Four Seasons Hotels and Resorts was founded in 1960 and has annual revenues of $4 billion. According to Travel + Leisure’s 2017 World’s Best Hotels, the Four Seasons Hotels operate 7 of the top 100 hotels in the world. In 2006, Bill Gates’ family office and Prince Al Waleed Bin Sultan from Saudi Arabia purchased 95% of the company for $3.8 billion. The remaining 5% stake is owned by founder, Isadore Sharp.
  • Highly Experienced Developer: Fort Partners is privately owned real estate firm with over $1.8 billion in Four Seasons development experience. Fort CEO, Nadim Ashi, sits on the Advisory Council of the Four Seasons Hotels. The Developer of Four Seasons Surf Club Miami, Fort Partners, is a privately held real estate ownership, development and management firm with no public debt.
  • Other Four Seasons Hotels of Fort Partners: Fort Partners also owns other Four Seasons properties, including the Four Seasons, Fort Lauderdale and Four Seasons, Palm Beach.

Media Coverage

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Project Video

Download Brochure

LCR’s rigorous project selection and underwriting processes ensure that we only partner with developers with long-standing track records of success and creditworthiness. Download the complete brochure for this EB-5 Project below.

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Office Locations
United States

315 Post Road West
Suite 200
Westport, CT 06880
+1 (203) 883-1940
info@lcrcapital.com

Brazil

Rua Afonso Braz, 473 – 9° Andar Vila Nova Conceição
São Paulo
+55 11 2500-5984
+55 11 95031-0022
contato@lcrcapital.com

India

9th floor, Platina G Block, Plot C, 59
Bandra Kurla Complex
Mumbai 400 051, India
+91-22-454-01-000
india@lcrcapital.com

United Arab Emirates

C/O Alpha Management
Office 2408, South Tower, Emirates Financial Towers
Dubai International Financial Centre
United Arab Emirates
dubai@lcrcapital.com

Upcoming LCR Webinars:

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August 20, 9:00 ET (in Portuguese)

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