Blackstone Acquires 352-Key Brickell Hotel
Trinity Investments and Certares Real Estate Management have sold the 352-key EAST Miami hotel in Florida to funds affiliated with Blackstone Real Estate. While the sale price has not been officially disclosed, a previous Bloomberg report suggested the property could be valued at more than $325 million. The joint venture had reportedly engaged JLL to facilitate the sale.
Trinity and Certares originally acquired the hotel in 2021 from Swire Properties for $174 million. The property, opened in 2016 and managed by Swire Hotels, includes 89 serviced apartments and serves as a centerpiece of the $1.1 billion Brickell City Centre in Miami.
Since launching its real estate platform in early 2021, Certares has built a substantial portfolio, acquiring 16 hotels and more than 3,700 keys across the United States. Notable assets include The Ray Hotel in Delray Beach, Florida, and the Hilton Boston Back Bay.
