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W Hotel South Beach – Image Credit Marriott
Newmark has announced the sale of the W Hotel South Beach, a 20-story oceanfront property in Miami, Florida, for over $400 million. This marks the largest hotel transaction in the Miami market this year. Tricap sold the property to the Reuben Brothers.
David Edelstein, Principal at Tricap, expressed confidence that the Reuben Brothers will elevate the W Hotel South Beach’s status. Since its establishment in 2009, the hotel has become a significant player in the luxury Miami Beach hospitality market.
The W Hotel South Beach is situated on a 3.85-acre site at 2201 Collins Avenue, which was previously a Holiday Inn until its demolition in 2006. The hotel provides a range of luxury amenities, including multiple high-end restaurants such as The Grove, Mr. Chow, and WET Bar, a full-service spa, and spacious balconies with ocean views. The property also includes over 200 individually owned condominiums. The hotel’s location offers panoramic views of Biscayne Bay and the Miami River and easy access to major highways. It is close to a variety of luxury retail options along the waterfront.
Doug Harmon, Co-Head of U.S. Capital Markets for Newmark, lauded the sale, calling the W Hotel South Beach a “world-class, trophy asset and a once-in-a-lifetime opportunity.” He expressed eagerness to see the property continue to thrive under new ownership.
Tricap, a real estate development and investment firm, has a track record of exceeding projected returns for their co-investment partners across various asset classes and has developed an expansive portfolio of real estate holdings in major metropolitan markets.
