Swire Closes $375M Deal for Full Ownership of Brickell’s Mandarin Oriental Development Site

Key Points

• $37M buyout of a 25% investment stake gives Swire 100% control over the Mandarin Oriental Brickell Key site.

• South Tower already 50% pre‑sold with over $1 billion in sales secured.

• Simultaneous $45M land sale to Kerzner and multi‑hundred‑million retail exit sharpen the firm's focus on the residential project.

Swire Properties is doubling down on its Brickell Key development by acquiring full ownership of the Mandarin Oriental site—and making bold moves to streamline its portfolio. 

Full Ownership & Development Rollout

• Swire paid $37 million for the remaining 25% interest in the joint venture holding the Mandarin Oriental hotel property, now owning it outright.

• Demolition of the 326‑key hotel, closed in May 2025, is slated for early 2026.

• The plan: two towers—850 ft (South Tower) and 426 ft (North Tower)—designed by Kohn Pedersen Fox (KPF).

Sales Performance & Project Momentum

• The South Tower, featuring 228 residences, has reached 50% pre‑sale and surpassed $1 billion in contract sales.

• The North Tower will house the new Mandarin Oriental hotel (North American flagship) along with residences and hotel‑residences—adding luxury hospitality to the mix.

Portfolio Streamlining: Big Divestments

• Swire sold a 1‑acre adjacent site for $45 million to Kerzner International, freeing capital and focus.

• In June, it completed a major retail and parking sale of Brickell City Centre to Simon Property Group for ~$512 million (some sources cite up to $548.7 million)—part of a broader strategic retreat.

Why It Matters to Investors & Landlords

• Full control clears hurdles, enabling Swire to accelerate construction and marketing.

• Strong pre‑sales point to sustained demand for ultra‑luxury, amenity-rich residences in Brickell Key.

• Capital recycling through asset sales signals conviction in the flagging development and ensures funding continuity.

• Brickell remains a magnet for high‑net‑worth buyers seeking luxury living with proximity to finance and Latin American markets.

Swire’s move to consolidate ownership of the Mandarin Oriental site positions it firmly to deliver on one of Brickell Key’s most ambitious luxury developments. With sales momentum and a leaner portfolio fueling the project, investors should watch for groundbreaking and further sales milestones ahead.