Brickell Miami, LLC, an affiliate of Constellation Hotel Holdings LTD, just sold the iconic SLS Brickell Hotel, a mixed-use hospitality development in the heart of Downtown Brickell, Miami located at 1300 S Miami Ave, in a $55 million in an off-market, cash transaction to an affiliate of the Albania based Kastrati Group. Miami based Broker Jordan Karp of Jordan Karp, LLC represented the Buyer in this off-market cash deal with the assistance of Disruptive Real Estate CEO Stefano Santoro. Jordan Karp also represented the Seller, Brickell Miami, LLC, an entity affiliated with Al Thanis, members of Qatar’s ruling royal family, in the deal. Sheikh Tamim bin Hamad Al Thani is the Emir of Qatar.
Situated on a premier corner lot, the 124 key Hotel and remaining 4,530 square foot ground floor Prime Restaurant/Retail space and associated hotel and restaurant FF&E within the 54-story mixed-use building was purchased by 1300 Brickell Miami, LLC, a Florida limited liability company, which is controlled by Kastrati Group, an Albanian privately-owned group of companies employing over 5000 people established in 1991 by Mr. Shefqet Kastrati and mainly recognized as the leading Albanian retail and wholesale trader of hydrocarbon products. Kastrati successfully operates in other industries, such as: insurance, construction, real estate development, infrastructure development, tourism, hospitality, automotive distribution, retail. After signing management contracts with Hyatt and Hilton in Albania, Kastrati Group purchased the first property in the United States and is looking to further expand its portfolio.
Charlie Ratner, Esq. of Miami Beach based Charles Ratner. P.A., whose grandfather built the iconic Clevelander Hotel in Miami Beach and whose uncle Nat Ratner brokered the original sale of nearby Fisher Island in the 1950’s, represented the Buyer as Real Estate counsel in the complex purchase.
Situated in the center of Brickell’s fast-paced urban environment, the SLS Brickell Hotel is surrounded by a plethora of high-rise condominiums, Class A office buildings, sophisticated retail, and dining options. As a thriving residential and commercial district, the bustling business hub is a magnet for high foot traffic and is recognized as the second-largest international banking hub in the country.
The Related Group and Dakota Development developed the SLS Brickell Miami property in 2016 and sold the SLS Brickell Hotel component in 2019 for $43 million. The asset boasts nearly 58,000 square feet of indoor and outdoor event space, two fully-built ground-floor restaurants, three bars/lounges, a rooftop pool terrace, two ballrooms, various meeting spaces, a fitness-center and the Ciel Spa. Designed by Philippe Starck and Arquitectonica, the hotel traded in this deal occupies the first nine floors of the SLS Tower, with common areas and 453 residential condominium units above. Fi’lia Restaurant currently occupies the 4,530 square-feet of ground floor retail which also traded in the current sale. Jordan Karp also arranged the recent off-market sale by Brickell Miami LLC to Black Lion’s Robert Rivani of the adjacent 7,182 square-foot commercial restaurant space in the project, formerly occupied by celebrity chef Jose Andres’ Bazaar Mar for $10 million in April 2023, and slated for a new restaurant concept.
In 2022, U.S. hotels saw approximately $44.9 billion of investment. Gross hotel revenue increased by 29% in Miami-Dade County in 2022, according to the Greater Miami Convention and Visitors Bureau. With record-high visitor growth and more than 17.1 million hotel room nights sold in 2022, SLS Brickell Hotel’s landmark transaction reinforces the region’s appeal to investors and strengthens its reputation as a premier destination for business and leisure travel.
Images via Disruptive Real Estate and Jordan Karp LLC