CBRE has arranged a $120.1 million loan for the $174 million purchase of the EAST Miami hotel to a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC, and New York-based Certares Real Estate Management LLC.

The 352-key EAST Miami Hotel is part of Brickell City Centre, a $1.1 billion, 5.4-million square-foot mixed-use development. The project also features luxury shops, restaurants, office towers and condominiums.

The CBRE Hotels facilitated the debt financing with Värde Partners on behalf the buyer and also represented the developer/seller, Hong Kong-based Swire Properties.

“This transaction reinforces the strong interest in hospitality and mixed-use properties across the country and, particularly, the highly desirable Miami market,” said CBRE Hotels’ Mark Owens. “With over $3.5 billion of closed hospitality financings by just our team since the onset of the pandemic, it is clear the appetite for hospitality and the yield it provides is highly sought after.”