Downtown Miami Hotel Commands $72M
- Jul 17, 2017
CBRE Hotels completed the sale of Conrad Miami, a 203-key luxury hotel in Miami’s financial district. Mast Capital, a Miami-based real estate investment company, acquired the asset from Holborn LC in a $72 million deal and rebranded it as Conrad Brickell, after signing the first Conrad franchise agreement in the U.S.
Located at 1335 Brickell Ave., the hotel is part of the 675,141-square-foot Brickell Arch, a Class A office building formerly known as Espirito Santo Plaza, according to Yardi Matrix. The property features seven suites, rooftop pool, tennis courts and a full-service spa.
Extensive upgrades in sight
Mast Capital plans to invest into an $8 million renovation program and has engaged HEI Hotels & Resorts, an operator of luxury properties, to implement productivity and cost-cutting measures. The hotel is within walking distance of 13 million square feet of office space and located less than 10 miles from Miami International Airport and Miami Beach.
CBRE Senior Vice President Christian Charre, Vice President Paul Weimer and Senior Associate Natalie Castillo represented the seller in the transaction.
“Conrad Miami is an irreplaceable asset and an incredible investment. Brickell is Miami’s fastest-growing and most densely populated neighborhood. The availability of a luxury hotel in this area is rare,” said Charre, in a prepared statement.
Images courtesy of Mast Capital