This Tuesday it was known that two hotels in the city of Brickell were sold for more than $ 100 million, which indicates that investments in this sector are increasing at the end of 2021.
The first to be sold was the 352 key East , to whom it belonged to Hong Kong Swire Properties and who was acquired by Trinity Fund AdvisorThe East hotel is part of a mixed-use development made by Brickell City Center that was completed in 2016.
The Hong Kong Swire Properties consortium indicated that it received several competitive offers, but this was the one that attracted it the most.
The company now plans to reinvest the proceeds in future developments, which will likely include the second phase of the Brickell City Center.
Another property that entered the hotel business
In another negotiation this week, a company led by Mast Capital sold the Conrad Miami hotel on Brickell Avenue to Electra America Hospitality Group, a joint venture between Electra America and AKA, those involved said in a statement.
The hotel has an 11-story atrium, sky-high lobby, fitness center and spa, rooftop pool, and meeting spaces.
The 36-story Brickell building was built by Portugal’s Espírito Santo banking family in the early 2000s.
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M https://t.co/eYZFifYgGH
— FloridaProperty365 (@flproperty365) November 1, 2021
Growth sector in the last quarter
After the pandemic of the Covid-19, the market for hotels has been growing especially in the last quarter of the year.
Experts indicate that if the negotiations for other hotel developments are finalized before the end of the year it will be an unexpected closing of 2021.
In addition, they expect sales to triple by 2022, because many companies have decided to invest in the city of Miami and more in the hotel industry.
