Miami Beach Hotel Lands $75M Recap
The four-source capital stack will support the redevelopment of a 1939-built property.
Assouline-Busch Capital has received a $75.1 million mid-construction recapitalization package for The Monroe Hotel, an 89-key luxury boutique hotel in Miami Beach, Fla. Completion of the five-star property is scheduled for 2027.
The debt includes $44 million in C-PACE financing from Nuveen Green Capital, a $24.8 million construction loan from City National Bank and a $6.3 million bridge mortgage from Midland States Bank. PNC Bank also issued historic tax-credit equity financing.
IPA Capital Markets, a division of Marcus & Millichap, arranged the financing on behalf of the ownership group. Managing Director Bobby Werhane and Senior Director Scott Raasch led the transaction.
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The Monroe Hotel is a redevelopment project with a total development cost of $125.5 million. It is rising at 3010 Collins Ave., the site of the former 1939-built Red South Beach seven-story building. The Assouline-Busch Capital ownership group purchased the 110-key building in 2022 for $33 million.
The project is within Miami Beach’s Faena District, an oceanfront retreat with multiple dining, luxury hospitality and cultural destinations. Downtown Miami and its international airport are both within 11 miles.
When delivered, The Monroe Hotel will comprise 15 suites ranging from 488 square feet to 1,257 square feet. Amenities include a swimming pool, a deck with outdoor dining spaces, a 5,000-square-foot restaurant, a rooftop bar, a venue with panoramic views, an on-site recording studio, a spa and fitness center and private beach services provided by Boucher Brother, the hotel’s property management company.
Miami-area hospitality sector draws investor interest
The hospitality sector of Miami registered record tourism activity as 28.3 million visitors gathered in the area in 2025, according to Greater Miami Convention & Visitors Bureau data. The milestone generated $32.3 billion in local economic impact. The Magic City’s hospitality momentum continued well into 2026. During the first four months of the year, Miami topped the charts for occupancy, average daily room rates and revenue per available room, while the metro started the year as the top U.S. hospitality destination.
Investment followed. In July, Blackstone secured $205 million for EAST Miami, a 352-key full-service hotel in the city’s Brickell neighborhood. The tower is the hospitality anchor of Brickell City Centre, a $1.1 billion, 5 million-square-foot complex.
In Sunny Isles Beach, Fla., South Street Partners purchased Solé Miami, a 249-key full-service condominium hotel. The 2007-built property is managed by Noble House Resorts.
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