Fort Partners buys Four Seasons Brickell hotel for $130M

221-key hotel will undergo renovations

Miami /
Jul.July 15, 2021 02:30 PM
Nadim Ashi of Fort Partners with the hotel (Four Seasons, Fort)

Nadim Ashi of Fort Partners with the hotel (Four Seasons, Fort)

The developer of the ultra-luxury Four Seasons at the Surf Club in Surfside acquired the Four Seasons Miami hotel in Brickell for about $130 million, The Real Deal has learned.

The acquisition gives Fort Partners control of all four Four Seasons properties in South Florida, including in Palm Beach and Fort Lauderdale. The 221-key hotel at 1435 Brickell Avenue in Miami is part of the 70-story mixed-use tower that also includes office space, residential condos, an Equinox gym, retail space and a parking garage.

The sale price equates to about $588,000 per room.

Miami-based Fort Partners financed the purchase with a $105 million loan from New York-based Madison Realty Capital, according to a press release. Madison declined to provide a purchase price, but sources said the property traded for about $130 million.

Fort Partners, led by Nadim Ashi, plans to renovate the hotel, according to the release. Josh Zegen, managing principal and co-founder of Madison said in a statement that Fort plans to modernize the hotel’s rooms, pool deck and lobby, and food and beverage options.

Ashi did not immediately respond to a request for comment.

JLL’s Jim Dockerty, Kevin Davis and Mark Fisher represented Fort Partners in the deal.

Westbrook Partners, based in New York, acquired the Brickell hotel more than a decade ago as part of a three-hotel deal with Millennium Partners, paying $40 million to eliminate debt on the Miami property, according to the Wall Street Journal. Westbrook sold the hotel to Fort Partners.

Millennium Partners completed the tower in 2003, then the tallest skyscraper in Miami. The hotel’s restaurants include Edge Steak & Bar.

Madison, a private equity firm, has lent to Fort Partners in the past. In 2019, it provided a $210 million construction loan to the developer for the Fort Seasons Hotel and Residences in Fort Lauderdale.

Hotel sales, which had nearly come to a halt last year, have started to pick up again. Last month, Pebblebrook Hotel Trust announced it is buying the Margaritaville Hollywood Beach Resort for $270 million.
Also in June, a joint venture of the Allen Morris Company, Stormont Hospitality and Black Salmon bought a hotel in Miami Beach for $25.5 million. And in Miami’s Edgewater, TPG Real Estate Partners bought two adjacent hotels for $61 million.





    Related Articles

    arrow_forward_ios
    A photo illustration of Icon on 8's planned short-term rental hotel along with the current site at 930-950 Southwest 8th Street in Little Havana (Getty Images, Icon on 8, Google Maps)
    LA developer plans Little Havana short-term rental hotel
    LA developer plans Little Havana short-term rental hotel
    Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
    Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
    Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
    1201 Brickell Bay Drive, Citadel's Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)
    Mapping out Ken Griffin’s Miami shopping spree
    Mapping out Ken Griffin’s Miami shopping spree
    Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
    Iconic NYC eatery Rao’s to open at Loews Miami Beach
    Iconic NYC eatery Rao’s to open at Loews Miami Beach
    G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
    Blackstone sells five South Florida budget hotels for $61M
    Blackstone sells five South Florida budget hotels for $61M
    Ken Griffin and 1250 Brickell Bay Drive in Miami (Getty Images, Google Maps)
    Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
    Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
    Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
    Meet the commercial brokers making bank in Miami
    Meet the commercial brokers making bank in Miami
    Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
    Ken Griffin’s Citadel comes to Brickell — and supercharges the market
    Ken Griffin’s Citadel comes to Brickell — and supercharges the market
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...