Swire sells the EAST Miami hotel for $ 174 million
Another Brickell hotel traded hands, for almost half a million dollars per unit.
Trinity Real Estate Investments and Certares Real Estate Management bought the one in Miami IS hotel for 174 million dollars, the seller, Wire properties, announcement.
The luxury hotel, located at 788 Brickell Place, is at the top Brickell Town Center, a chic open-air mall, which features a Apple store as well as a Chanel Beauty shop. Swire Properties has developed both properties and will continue to operate the hotel.
With its 352 rooms, the sale per unit is equivalent to $ 494,300, just under half a million dollars. The 536,070 square foot facility includes 20,000 square feet of event space and outdoor venues as well as a 20,000 square foot outdoor pool and deck.
The Brickell Hotel marked the first business of the Hong Kong-based seller in the United States, after opening the only two other EAST-branded hotels in Hong Kong and Beijing.
âThis investment is in line with Certares’ strategy of acquiring high-quality, well-located hotels in growing markets that show both high leisure and business demand. Nolan Hecht, the company’s real estate manager, said in prepared remarks.
Brickell is a sought-after financial and residential district, home to the offices of corporate giants while offering some of the highest residential rents in the city.
Representatives of the joint venture did not respond to an investigation into the financing of the deal.
The South Florida hotel market is picking up steam as tourists hit the road after closures. Average room rates are now higher than pre-pandemic levels, according to data from STR. A night at the EAST hotel will cost over $ 300 at the end of November.
There has been a flurry of hotel deals in recent weeks. Pebblebrook Hotel Trust buys a resort in Hollywood, Florida for $ 270 million, in the most expensive hotel sale of the year in the region. Earlier this month, B Ocean Resort, which housed the iconic Yankee Clipper Hotel, went of the market for 117 million dollars. Earlier this week, the Conrad Miami Hotel in Brickell sold for an undisclosed amount.
Trinity, a private real estate investment company based in Honolulu, owns hotels in its home state as well as in Arizona and Mexico.
Based in New York City, Certares specializes in the hospitality industry, owning hotels around the world as well as travel management companies.