TPG Real Estate Partners Acquires Miami Hotel On Biscayne Boulevard For $61M

The property involved in this transaction is a hotel located at 3400 Biscayne Boulevard and 3450 Biscayne Boulevard in Miami. The sale took place on June 10, 2021.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $61,000,000
• Address: 3400 Biscayne Boulevard & 3450 Biscayne Boulevard
• Market: Miami

The buyer in this transaction was TPG Real Estate Partners, represented by Jon Winkelried and Jacob Muller. On the other hand, the seller included Aztec Group, represented by Boaz Ashbel, 3H Group, and Arti Hersi. The brokers involved in the deal were Paul Weimer and Ron Danko from CBRE.

The hotel consists of 153 keys, resulting in a price per key (PPK) of $211,111 for the AC Hotel. Additionally, it includes 151 keys at the Hampton Inn, with a PPK of $190,066.