Mast Capital Acquires Hotel From Holborn LC For $72M In Miami Sale
1335 Brickell Ave, Miami, FL, 33131
$72,000,000
Building Size
—
Asset Type
Hotel
Closing
Jul 17, 2017
About this deal
AI
The property involved in the transaction is the Conrad Miami, a 203-key luxury hotel located at 1335 Brickell Ave, Miami, FL, 33131. The hotel was sold for $72,000,000.00 in a deal handled by Natalie Castillo of CBRE. The asset is now rebranded as Conrad Brickell and is part of the 675,141-square-foot Brickell Arch complex. It features seven suites, a rooftop pool, tennis courts, and a full-service spa.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $72,000,000.00
- Market: Miami
- Buyer: Mast Capital
- Seller's Rep: Natalie Castillo (CBRE)
Mast Capital, a Miami-based real estate investment company, acquired the Conrad Miami from Holborn LC. The buyer plans to invest $8 million in renovations and has engaged HEI Hotels & Resorts to implement cost-cutting measures. The hotel’s proximity to office space and major transportation hubs makes it an attractive investment. The seller was represented in the transaction by Christian Charre, Paul Weimer, and Natalie Castillo of CBRE.
On the Map
$72,000,000
Hotel
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Miami Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93