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Brazilian real estate giant JHSF buys oceanfront Miami Beach hotel, plans first Fasano
Art Deco hotel, formerly called the Traymore, sold for nearly $1M per key
An affiliate of Brazilian developer JHSF bought the Como Metropolitan Miami Beach hotel, with plans to renovate and brand the property a Fasano, The Real Deal has learned.
The purchase marks the developer’s first acquisition in South Florida.
A Como Hotels and Resorts affiliate sold the oceanfront 74-key property at 2445 Collins Avenue for $70 million to an affiliate of JHSF International.
At about $946,000 per key, the sale represents one of the most expensive hotel deals to close since the pandemic began.
The Art Deco hotel, built in 1939, was formerly called the Traymore Hotel, and was previously renovated with interiors by Italian designer Paola Navone. The hotel features a beachfront swimming pool, a rooftop hydrotherapy pool, and the Traymore by Michael Schwartz restaurant and bar.
The Susan Gale Group with One Sotheby’s International Realty brokered the sale, representing the buyer and seller. The off-market deal was all cash, according to Gale.
Gale said the buyer plans to renovate and brand the property as a Fasano, a luxury hotel operator under the JHSF umbrella. She said the deal exemplifies the current trend in the luxury hotel market in Miami, as more high-end international brands expand into the region. Aman, Waldorf Astoria and others all have new projects in the works.
Fasano founder Rogério Fasano sold a portion of his business to JHSF in 2014, the Wall Street Journal previously reported. Fasano opened its first location in New York City last year, a private residential club called Fasano Fifth Avenue that overlooks Central Park.
Fasano’s first U.S. outpost was originally planned to be developed at the Shore Club hotel in Miami Beach. But HFZ Capital Group, the owner of the historic property, eventually canceled the luxury hotel-condo project in 2017 due to slow sales.
Gale said JHSF and Fasano have been looking for a new location in Miami Beach for years. Fasano has 11 hotels and 23 restaurants worldwide, according to Fasano’s website.
The hotel broker said her team is receiving dozens of calls a week for buyers looking for oceanfront hotels, even in August, which is typically the “worst time of the year.”
Leisure hotels, particularly those on the beach and fronting the water, have experienced a boom in business following a slow period created by pandemic-related shutdowns in other parts of the country.