Trinity Real Estate Investments And Certares Real Estate Acquire Miami Hotel For $174M
788 Brickell Avenue, Miami, FL 33131, USA
$174,000,000
$302/SF
Building Size
576,070 SF
Asset Type
Hotel
Closing
Oct 29, 2021
About this deal
AI
Trinity Real Estate Investments and Certares Real Estate Management have acquired a hotel asset located at 788 Brickell Plaza in Miami. The seller of the property was Swire Properties. The transaction took place on October 29, 2021, at a sale price of $174,000,000. The hotel spans a total area of 576,070 square feet and has a price per square foot of $302. Upon the completion of the deal, the buyers received 352 keys with an average price per key of $494,318.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $174,000,000
- Address: 788 Brickell Plaza, Miami
- Market: Miami
The buyers, Trinity Real Estate Investments represented by Sean Hehir and Certares Real Estate Management, partnered to make this acquisition. On the other hand, Swire Properties was represented by Kieran Bowers as the seller in the transaction.
Players
Miami Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93