Hodges Ward Elliott Arranges $65M Luxury Hotel Offshore Sale
- Jun 09, 2016
Miami–Pebblebrook Hotel Trust, a publicly traded REIT specializing in acquiring and investing primarily in upper upscale, full-service hotels located in urban markets in major gateway cities, recently sold the Viceroy Miami hotel for $64.5 million to Qatar-based Al Rayyan Tourism & Investment Co., an international hotel investment and hospitality subsidiary of Al Faisal Holding Co. Following the sale, the hotel has been rebranded as W Miami, and it is now part of the Starwood Hotels & Resorts family of brands.
Hodges Ward Elliott, an independent global hotel brokerage and investment banking firm, represented the seller in the offshore transaction, with Mark Elliott, president, and Rudy Reudelhuber, managing director, at the helm.
“This was a win-win for both the seller and the buyer. This is a magnificent iconic property in one of South Florida’s most desirable destinations and we’re confident the hotel’s new owners will be able to unlock its full potential. This transaction also exemplifies the unmatched ability of HWE to successfully work with off-shore buyers. Our firm’s frequent visits overseas and unique data-driven approach is the driving force behind our continued success and the amount of deals we are brokering with international investors,” said Reudelhuber.
Miami W is located in downtown Miami at the northern gateway to Brickell Avenue, within the 50-story, 223,356-square-foot, 5-Star mixed-use building which is part of the 10-acre Icon Brickell complex. Designed by Arquitectonica, the luxury hotel boasts 148 guestrooms, including suites as well as one- and two-bedroom residences, with amenities such as a 28,000-square-foot spa and fitness center, meeting spaces, restaurants, rooftop lounge and swimming pool. Its central location offers convenient access to the city’s many distinctive neighborhoods, cultural institutions, sporting venues and area attractions.
Photos courtesy of Starwood Hotels & Resorts.