Aman Hotel and Residences Update 01/11/23

$242.4M Construction Loan Granted To Developers To Build Aman Hotel and Residences In Miami Beach 

OKO Groupand Access Industries have been given $242.4 million to continue working on the redevelopment of the historic Versailles Hotel in Miami Beach, FL. The Versailles Hotel is a 14 story structure and was built in 1940. Now developers have planned to transform the hotel by adding 56 hotel rooms and 22 condo units, all of which have been pre-sold. In 2020 Bank OZK lended the developers a $34.8 million loan now adding $242.4 million bringing the project’s total financing to $277.2 million. Construction for Aman Hotel is currently underway and plans to be finished in 2024. 

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