The Real Deal Miami

Conrad Miami Hotel for sale

Hotel at 1395 Brickell Avenue is located in the Espirito Santo Plaza, also for sale

July 08, 2015 05:15PM
By Katherine Kallergis

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Conrad Miami

Conrad Miami

Conrad Miami, a 203-key luxury hotel, is now for sale, CBRE Hotels announced on Wednesday.

The property at 1395 Brickell Avenue is located in the Espirito Santo Plaza in Miami’s Brickell neighborhood, which includes offices, 103 luxury condos and a retail component. No listing price is offered, but CBRE told The Real Deal that it expects the hotel to sell for more than $100 million.

The Conrad includes about 20,000 square feet of meeting space, a spa and gym, the Atrio restaurant and The Bar at LvL 25, two outdoor tennis courts with bay views, and a rooftop pool and whirlpool.

Espirito Santo Plaza, a 36-story office building owned by Estoril Inc. is also being marketed for sale, separately, related to Banco Espirito’s financial collapse last year. EXAN Capital is marketing the property.

CBRE’s Robert Taylor, Christian Charre, Paul Weimer and Natalie Castillo are marketing the Conrad.

“Miami’s hospitality market is one of the strongest in the nation, with the average daily lodging rate outpacing cities such as San Francisco and Boston,” Charre, senior vice president at CBRE Hotels, said in a statement. “In addition to its attributes as a luxury hotel, this singular property’s architectural character and location combine to make it a focal point of one of the world’s most dynamic financial districts—and a once-in-a-lifetime investment opportunity to acquire this trophy asset.”

CBRE is also marketing the sale of Ugo Colombo’s 830 Brickell, which was the site of the planned Brickell Flatiron II.

Brickell commercial properties are commanding high prices. In February, the 13-story SunTrust office building at 777 Brickell sold to Brazilian investors for $140 million. CBRE represented the seller.

The Conrad is located near Brickell City Centre, a $1.05 billion, 5.4 million-square-foot mixed-use project. Swire Properties is the developer.