Mast Capital, a Miami-based investment and development firm, and Angelo, Gordon & Co. have purchased the Conrad Miami from Holborn LC for $72 million. They will operate the hotel as a joint venture and have agreed with HEI Hotels & Resorts to enter the first Conrad Hotels & Resorts franchise agreement within the United States. The flagship Conrad Miami is located with the iconic Brickell Arch Tower. The interest purchased includes 203 hotel keys, a rooftop amenity deck, and a condo-hotel rental program, which currently has 41 out of 116 residential units participating. The Brickell Arch Tower contains 267,000 SF of rentable Class A office, 203 hotel keys, and 116 luxury residential units.
“This property was extremely compelling because of its prominent location on Brickell Avenue and world class architectural design,” said Camilo Miguel Jr., CEO of Mast Capital. “It is exciting to have the opportunity to fully realize the potential of the property. We are confident that the Conrad brand’s concept of smart luxury will be favored by guests and residents for years to come.”
The transaction was facilitated by Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels. Mast Capital was represented by Kimberly LeCompte (acquisition), Joel Maser (corporate), Iris Escarra (zoning), Nancy Lash (loan), Nelson Migdal (hospitality) Andrew Sharpe (acquisition) and Brian Dombrowski (zoning) from Greenberg Traurig’s Miami, Washington D.C. and Fort Lauderdale offices. Lauren Giovannone and Michael Bradford from Paul Hastings’ Los Angeles office acted as co-counsel with Greenberg Traurig. The seller was represented by Suzanne Amaducci-Adams and Alexander Roitman (disposition) from Bilzin Sumberg Baena Price & Axelrod LLP’s Miami office.