MONEY MASTER

Luxury hotel Fontainebleau Miami Beach has raised $975 million through a commercial mortgage-backed security (CMBS) as part of a broader $1.2 billion refinancing package . The deal, which includes a $225 million mezzanine loan and $105 million in equity infusion from majority owner Jeffrey Soffer, totals $1.3 billion in new funding. Key Uses of Funds Refinancing $1.18 billion of existing debt, including an older CMBS and mezzanine loan. Repaying a $75 million construction loan for new convention center facilities. Covering approximately $40 million in closing costs . The refinancing, led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. , underscores the continued ability of blue-chip properties to tap the private-label CMBS market. Iconic Property with Rich History Opened in the 1950s, Fontainebleau Miami Beach has been a backdrop for movies like Scarface and Goldfinger . The property, appraised at $1.72 billion , features luxury amenities such as pools, retail outlets...

As the Paris 2024 Olympic Games approach, hotels and airlines are scrambling to fill rooms and seats, facing unexpected challenges that could impact their bottom lines and investor confidence. Local vs. International Visitors Paris is gearing up for an influx of 11.3 million visitors during the Olympics, but only 1.5 million of these will be international tourists. This lower-than-expected international attendance has left hotels and airlines grappling with lower demand from abroad, contrary to their optimistic projections. Struggling Travel Firms Travel firms that specialize in sports events are experiencing a significant shortfall in sales. Alan Bachand, owner of sports travel firm 14sb, reports an 80% decline in sales compared to previous Olympics. "This is the first time in 25 years that we will accept less money than we paid for hotel rooms that we contracted 30 months ago," he says. High Costs and Price Cuts Initial hotel prices for the Olympics were exorbitantly high, ...