Angelo Gordon & Co. Acquires Conrad Miami Hotel For $72M

The property asset involved in the transaction is the Conrad Miami hotel located at 1395 Brickell Ave, Miami, FL, 33131. The office building was sold for $72,000,000.00 to the buyer, Angelo, Gordon & Co., with Holburn LC as the seller. The deal closed on July 13, 2017, in the Miami market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $72,000,000.00
• Address: 1395 Brickell Ave, Miami, FL, 33131
• Market: Miami
• Seller's Rep: Natalie Castillo(CBRE)
• Buyer: Angelo, Gordon & Co.

Mast Capital and Angelo Gordon partnered to purchase the Conrad Miami hotel. The joint venture plans to renovate the hotel’s rooms and public spaces. The property consists of 203 luxury hotel rooms and is situated in Espirito Santo Plaza, which also includes offices, 103 luxury condos, and a retail component. The new owners will enter into Conrad Hotels & Resorts’ first franchise agreement in the U.S., with HEI Hotels & Resorts managing the property. Notably, the property sold for around 30 percent less than the expected price specified by CBRE in 2015.