PR Newswire
NEW YORK, Dec. 9, 2024
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.
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SOURCE Newmark Group, Inc.
