Funds managed by Trinity Investments, a private real estate investment firm specializing in hotels and hospitality, and funds managed by Certares Real Estate Management sold East Miami, a 352-room lifestyle hotel, to funds affiliated with Blackstone Real Estate. Other terms and conditions were not disclosed.
Opened in 2016, East Miami anchors Brickell City Centre, the $1.1 billion luxury retail, residential and hospitality center in Miami’s Brickell neighborhood. In addition to its modern guestrooms and 89 serviced apartments, EAST Miami is known for its popular dining venues, including Sugar, the rooftop bar.
Trinity and Certares acquired East Miami in 2021 from Swire Properties. Since then, the ownership group has focused on operational improvements and driving revenue growth while building a strong partnership with Swire Hotels – the original developer and a relatively new entrant to the U.S. market with its East hotel brand. This collaboration helped optimize performance and contributed to record financial results, including a more than 60 percent increase in net operating income during the first full year of ownership.
“East Miami is a great example of how hands-on ownership and strategic partnerships can create meaningful value,” Sean Hehir, managing partner, president and CEO of Trinity Investments, said in a statement. “This transaction also marks the first fully realized asset by Trinity GP Fund I L.P., underscoring our ability to identify and enhance high-quality hotels in key markets.”
“This transaction demonstrates how we at Certares use our deep travel and hospitality expertise, as well as our proprietary data and market insights, to identify neighborhoods and assets that are poised for growth,” said Nolan Hecht, senior managing director and head of real estate at Certares. “With focused management and strategic capital deployment, we have helped EAST Miami become a truly world-class destination, and we look forward to watching the hotel’s positive trajectory continue under Blackstone’s experienced stewardship.”
Scott Trebilco, senior managing director at Blackstone Real Estate, said: "The acquisition of this luxury hotel located in one of the most dynamic areas of Miami reflects our strong conviction in travel and hospitality. The Brickell neighborhood is experiencing a rapid transformation with strong employment and population growth, as well as exciting leisure attractions and entertainment events, creating a compelling backdrop for the property.”