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BH, Süzer buying W Hotel in Miami’s Brickell
Qatar-based firm is selling 148-room property
From left: BH’s Isaac and Liat Toledano; Süzer Group CEO Sami Çakır; the W Miami Hotel at 485 Brickell Avenue (Getty, BH, Süzer Group, Google Maps)
BH Group and Süzer Group are under contract to buy the W Miami hotel in Brickell.
Sources familiar with the seller confirmed the pending deal, but could not disclose the sale price. Al Rayyan Tourism Investment Company, or ARTIC, is selling the 50-story, 148-key hotel at 485 Brickell Avenue in Miami.
Stefano Santoro with Disruptive Real Estate is representing the buyers, and Jordan Karp is representing ARTIC, the international hotel investment and hospitality subsidiary of Qatar-based Al Faisal Holding Company.
Santoro, Karp and a BH representative all declined to comment.
In 2016, ARTIC paid $64.5 million for the then-Viceroy Miami Hotel and rebranded the property under the W banner. The building, developed by the Related Group in 2008, is part of the 10-acre Icon Brickell complex that also includes three condominium towers with 1,718 units.
Two years prior to buying the W Miami, ARTIC dropped $149.5 million to purchase the St. Regis Bal Harbour Resort, a 27-story tower with 192 rooms and 24 condo-hotel units in Bal Harbour.
Süzer, led by CEO Sami Çakır, is an Istanbul, Turkey-based private equity firm that invests in real estate, banking, energy and hospitality, according to the company’s website.
Led by Liat and Isaac Toledano, BH is an Aventura-based real estate investment and development firm with multiple planned projects across South Florida. The firm is also an active buyer of trophy commercial properties in the tri-county region.
BH and its partners, Miami-based Related Group and Boca Raton-based Pebb Enterprises, are planning to redevelop a portion of the Office Depot campus in Boca Raton into a mixed-use building with residential units and retail. The joint venture has not decided if the units will be condos or apartments.
In April of last year, BH and Pebb paid $104 million for the 29-acre site which also includes three other office buildings, including 300,000 square feet leased to Office Depot.
Last month, BH and Related launched sales for a planned Ritz-Carlton-branded condominium project in West Palm Beach, as well as Icon Beach Residences, a planned condominium tower adjacent to the Diplomat Beach Resort in Hollywood.