Conrad Miami is a luxury hotel in the heart of Miami’s Brickell neighborhood that features 203 units. Located at 1395 Brickell Avenue in Espirito Santo Plaza, the hotel is now up for sale, although there is not currently a listing price attached. It’s believed to be priced at over $120 million though, and given the potential of the property, a price that his is certainly not out of the question. The property offers 103 luxury condominiums, as well as retail space.
Some of the other features of the property include a spa and a gym, as well as 20,000 square feet of areas specifically for meetings. In addition, it offers the Atrio Restaurant and The Bar at Lvl 25. Those who live or stay in the property will also be able to enjoy two tennis courts located outside, as well as a whirlpool and a pool located on the roof.
It’s all of these features that make potential visitors interested in the property, and it is that potential that is driving the interest from the investors. They see that the hotel has a lot of potential. It’s in a great area and the economy of Miami is continuing to grow stronger. Investing in this building could be a very smart move, as you will see.
Why Is the Hotel a Great Investment?
For starters, it is more than a hotel. It has retail opportunities as well, which means leasing opportunities for the owner. Also, consider the hospitality market in the Miami area. People love Miami and flock to it for vacations, work, and more. When people visit, they want to stay in the best possible locations and properties, and they are willing to pay a premium to stay at a luxury hotel such as Conrad Miami.
The commercial properties in the Brickell area have relatively high prices because of the potential that they offer. It was only a couple of months ago that an office building in the area (777 Brickell) went to investors from Brazil for $140 million. Investors who are looking for great properties and who are willing to pay for them are not rare in today’s world. The investors who bought the office building at 777 Brickell were from Brazil, and you’ll find that a large number of investors are from out of the country. Latin America, as well as China and parts of Europe have a number of investors who are very interested in the Miami area.
They can see the potential that the area has to bring in a good return on their investment, and they are snapping up properties as quickly as they can. While $100 million may seem like a lot of money, for investors and investment groups, it is easily feasible, and you can be relatively sure that this hotel will not stay on the market for too long. The only question is who the buyer might be and how much they will finally end up paying for the property.
Soon after this announcement last week, Dallas, Texas-based Gaedeke Group has purchased the Espirito Santo Plaza in the Brickell Financial District for $142 million, Miami-Dade County records show.
Estoril Inc. sold the 36-story office building at 1395 Brickell Avenue. EXAN Capital was marketing the property. It was developed in 2004 and spans 659,753 square feet, according to Miami-Dade property records.
In June, Gaedeke announced plans to invest $300 million in “larger office properties exclusively in primary markets.” The full service real estate firm, which has regional offices in West Palm Beach, also closed a $65 million mortgage from JPMorgan Chase, records show.
EXAN’s Juan Jose Zaragoza and Juan Arcila worked on the deal, a spokesperson told The Real Deal. There was no listing price, “but we were obviously aware of what’s going on in the market,” the spokesperson said.
Not included in the acquisition was the Conrad Miami, which is on site. The hotel was listed for sale earlier this year and expected to sell for more than $100 million. CBRE is marketing the luxury 203-key hotel.
“There is enough capital interested in acquiring Brickell Avenue office properties for each property to sell many times over,” Chris Lee, vice chairman of CBRE Capital Markets told The Real Deal. “It is among the most difficult markets in the world for a buyer to win a deal.”
The property is in the heart of Brickell, near Brickell City Centre, which when completed will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. Check out available commercial real estate in Miami here
In February, the 13-story SunTrust office building at 777 Brickell sold to Brazilian investors for $140 million.