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Blackstone Acquires 352-Key Brickell Hotel
Trinity Investments and Certares Real Estate Management offloaded the 352-key EAST Miami in Florida to funds affiliated with Blackstone Real Estate. Hotel Investment reports that while the sale price was not disclosed, a previous Bloomberg report stated that the JV was working with JLL to explore the sale of the hotel, which could value the property at more than $325 million.
Trinity and Certares acquired the hotel in 2021 from Swire Properties for $174 million. Swire Hotels continued to manage and operate the hotel that opened in 2016 and features 89 serviced apartments. It anchors the $1.1 billion Brickell City Centre in Miami.
Since launching its real estate platform in early 2021, Certares has acquired 16 hotels and over 3,700 keys across the country, including The Ray Hotel in Delray Beach, Florida, and the Hilton Boston Back Bay.
- ◦Sale/Acquisition
