Norwegian Cruise Line_OM_C&W Miami FINAL RSF


Permitting September - December 2024

TRANSACTION STRUCTURE NCLH is seeking an investor to fund 100% of project costs to fund the initial acquisition of the Properties and fund the Company’s renovations, improvements and transaction costs as incurred over the renovation period (the “Transaction”). Upon closing of the Transaction, the Company will enter into a new 23-year triple-net lease for the Properties at a net rental rate based upon a to- be-negotiated cap rate and final project costs. All other lease terms and conditions will be subject to negotiation. See “Transaction Term Sheet” for additional details.

Design Development April - May 2024

Transaction Terms Summary

Site Acquisition Improvements & Transaction Costs Total

$100 million $80 million (as incurred) $180 million

Funding Requirements


Norwegian Cruise Line Holdings Ltd (“NCLH”, the “Lessee”)

January 2025 - May 2026 Connector Building/Plaza January 2025 – May 2026 16-18 months 7600 Renovation & Relocation January 2025 – October 2025 10-12 months 7665 & 7650 Renovation January – October 2025

Initial Lease Term

Twenty-Three (23) years from Closing

Lease Type


Annual Base Rent will be paid in advance for each of the three buildings as they are delivered to NCLH on a to-be-negotiated cap rate.

Starting Net Rental Rate

Annual Net Rent Increases

2.50% annual increases

February - March 2024 Schematic Design

June - August 2024 Construction Documents

Renewal Options

Four (4) 5-year options at Fair Market Value

Termination/ Contraction Options


Cushman & Wakefield | 20

19 | Norwegian Cruise Line Holdings

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