- Blackstone has acquired the 352-key East Miami hotel at Brickell City Centre for an undisclosed amount, continuing its active investment strategy across South Florida.
- The 40-story tower previously traded hands in 2021 for $174M, when Trinity Investments and Certares bought it from Swire Properties.
- East Miami is part of the Brickell City Centre complex, a five-block mixed-use development that includes retail, condos, and office towers, and remains a key asset in Miami’s evolving urban core.
A Notable Deal In Brickell
Funds managed by Blackstone have acquired the East Miami hotel, a 40-story, 352-key property located at 788 Brickell Plaza, reports The Real Deal. The sellers, Trinity Investments and Certares, purchased the hotel from Swire Properties in 2021 for $174M. This marks the property’s second sale in four years. The final sale price in the most recent deal was not disclosed.
The Asset
East Miami was completed in 2016 as part of the larger Brickell City Centre development. The hotel includes 89 serviced apartments and a rooftop bar called Sugar. It is centrally located within Miami’s financial district. The broader complex also contains two condo towers (Reach and Rise), 500K SF of retail space, and a pair of office buildings.
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Blackstone’s Strategy
This acquisition fits into Blackstone’s broader South Florida investment approach. In recent months, the firm has sold over $1B in industrial assets. It has also acquired multifamily complexes, including the Solea at Miami Lakes for $115.9M. Additionally, Blackstone financed large-scale renovations with a $300M loan for the Ritz-Carlton Key Biscayne.
Brickell’s Staying Power
Despite rising interest rates and a slowdown in out-of-state migration, Brickell continues to attract major investment. Swire Properties, the original developer of Brickell City Centre, has recently exited several positions. One of the largest was a $512M sale of its retail and parking stake to Simon Property Group. Other recent deals include Kerzner International’s $45M acquisition of a nearby development site and Melo Group’s $200M-plus purchase of a neighboring parcel.
Why It Matters
Blackstone’s acquisition of East Miami highlights the enduring appeal of branded, mixed-use properties in prime urban locations. Brickell’s sustained activity reflects strong investor confidence, even amid a cooling national market and shifting economic conditions.
What’s Next
With major players like Blackstone, Simon Property Group, and Kerzner doubling down on Brickell real estate, the neighborhood is likely to see continued transformation. Meanwhile, more owners and developers may follow Swire’s lead in repositioning assets or exiting mature holdings in the area.
