The Real Deal Miami

Related Group sells SLS Brickell hotel for $43M

Deal breaks down to about $347K per room
By Katherine Kallergis | January 02, 2019 11:30AM

From left: Sam Nazarian, Jorge Pérez, and SLS Brickell rendering (Credit: Matthew Rolston)

The Related Group sold the hotel component of SLS Brickell for $43 million, property records show.

PRH 1300 Hotel LLC and PRH 1300 Shared LLC sold the 124-key hotel at 1300 South Miami Avenue to Brickell Miami LLC, a Delaware company managed by Francois Faber of Fiduciaire Fernand Faber, an accounting and tax firm based in Luxembourg.

The deal breaks down to about $347,000 per room. The buyer also signed a management agreement with SBE.

Jorge Pérez’s Related completed the 55-story building in 2016. Designed by Arquitectonica, the tower also includes 450 condo units and two restaurants, Bazaar Mar by celebrity chef José Andres and Fi’lia by Miami restaurateur Michael Schwartz.

Philippe Starck designed the hotel rooms, and the building also features a mural by Markus Linnenbrink on the exterior and a lobby sculpture by Bernardi Roig. Amenities include a gym, spa, a pool deck on the 10th floor, a private screening room, sky roof and concierge services.

Earlier this year, Related and the Allen Morris Company completed SLS Lux Brickell Hotel & Residences with 450 condo units and 78 hotel rooms at 805 South Miami Avenue.

Related also delivered another SBE-managed condo-hotel, Hyde Midtown Suites & Residences, at 101 Northeast 34th Street in Midtown Miami. It sold the Hyde Midtown hotel to Midtown Hotel Investment LLC, led by Haim Yehezkel, for $21.8 million in April.