Blackstone’s real estate arm is acquiring EAST Miami, a 352-room hotel in the US, from funds managed by Trinity Investments and Certares Real Estate Management for an unspecified sum.
The hotel in Miami last sold in November 2021 for $174m, when Swire Properties sold it to Trinity and Certares. Since then, Trinity and Certares said they have focused on operational improvements and driving revenue growth.
Scott Trebilco, senior MD at Blackstone Real Estate, said: “The acquisition of this luxury hotel located in one of the most dynamic areas of Miami reflects our strong conviction in travel and hospitality.
“The Brickell neighborhood is experiencing a rapid transformation with strong employment and population growth, as well as exciting leisure attractions and entertainment events, creating a compelling backdrop for the property.”
Sean Hehir, managing partner, president, and CEO of Trinity Investments, said: “EAST Miami is a great example of how hands-on ownership and strategic partnerships can create meaningful value.
“This transaction also marks the first fully realised asset by Trinity GP Fund I, underscoring our ability to identify and enhance high-quality hotels in key markets.”
Nolan Hecht, senior MD and head of real estate at Certares, said: “This transaction demonstrates how we at Certares use our deep travel and hospitality expertise, as well as our proprietary data and market insights, to identify neighbourhoods and assets that are poised for growth.
“With focused management and strategic capital deployment, we have helped EAST Miami become a truly world-class destination, and we look forward to watching the hotel’s positive trajectory continue under Blackstone’s experienced stewardship.”
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