NEW
YORK, Dec. 9, 2024 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a
leading commercial real estate advisor and service provider to
large institutional investors, global corporations, and other
owners and occupiers, announces it has arranged
$1.2 billion and $550 million loans on behalf of Fontainebleau
Development for the refinancing of award-winning South Florida resorts Fontainebleau Miami
Beach and the JW Marriott Miami Turnberry Resort & Spa,
respectively. Newmark Co-Presidents of Global Debt
& Structured Finance Jordan
Roeschlaub and Jonathan
Firestone, Vice Chairman Nick
Scribani, Managing Director Tyler
Dumon and Director John
Caraviello secured the financing from Goldman Sachs and J.P.
Morgan on both transactions.
"These financings underscore the enduring appeal of South Florida's premier hospitality assets,"
said Roeschlaub. "The Fontainebleau Miami Beach and JW Marriott
Miami Turnberry Resort & Spa are iconic destinations and
exemplars of innovation in the luxury resort market. These
transactions highlight the confidence that institutional capital
has in best-in-class assets and operators in this dynamic
region."
The Fontainebleau Miami Beach has remained a landmark
destination in Miami Beach for
over 70 years since its original development in 1952, and just
delivered a newly built convention center in December 2024. The hotel spans over 22 acres and
boasts 1,594 spacious guest rooms across four distinct towers. It
offers best-in-class amenities, such as full-service beachfront
access, 11 unique pools with luxury cabanas, nine food and beverage
outlets, three nightlife and lounge venues, 200,000 square feet of
existing meeting and event space and a 40,000 square foot spa which
includes a 5,800 square foot fitness center.
The JW Marriott Miami Turnberry Resort & Spa has stood as an
iconic destination in South
Florida for over 50 years since its original development in
1967, and recently underwent an extensive renovation and expansion
in 2019. The 270-acre resort includes 685 guest rooms, two golf
courses with a private country club, 120,000 square feet of
versatile meeting and event space, six award-winning restaurants
and lounges, a state-of-the-art waterpark and a 25,000 square foot
spa.
About Fontainebleau Development
Fontainebleau
Development is one of the country's premiere real estate
development and hospitality groups with a diverse array of luxury
hospitality, retail, residential, and commercial assets.
Fontainebleau Development's hospitality portfolio includes the
recently opened Fontainebleau Las Vegas, Fontainebleau Miami Beach,
JW Marriott Miami Turnberry Resort & Spa and Hilton Downtown
Nashville. Additionally, Fontainebleau has developed numerous
residential landmarks such as Turnberry Ocean Club, Turnberry Ocean
Colony and Porto Vita.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of
approximately $2.6 billion. As of
that same date, Newmark's company-owned offices, together with its
business partners, operated from nearly 170 offices with more than
7,800 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, Newmark undertakes
no obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
and Special Note on Forward-Looking Information set forth in these
filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/newmark-arranges-1-75-billion-refinancing-for-two-of-fontainebleau-developments-award-winning-florida-resorts-302325350.html
SOURCE Newmark Group, Inc.
