November 5, 2024 3:00 PM
Newmark announces the more than $400 million sale of the 20-story oceanfront W Hotel South Beach in Miami, Florida. Newmark was an advisor to the seller, Tricap[1]. Reuben Brothers purchased the property.
“I am confident that the Reuben Brothers family will take the W to the next level of greatness, and look forward to the success they will achieve and the impact they will make on the world-class luxury Miami Beach hospitality market,” said David Edelstein, Principal at Tricap. “I thank Related New York for the excellent work it did as builder of the W Hotel and RFR Realty for its partnership. Lastly, it’s been terrific as always working with Newmark.”
The sale is the largest hotel transaction in the Miami market this year, as well as being the newest hotel property to sell since 2021[2].
“The W Hotel South Beach is a world-class, trophy asset and a once-in-a-lifetime opportunity,” said Doug Harmon, Co-Head of U.S. Capital Markets for Newmark. “We are eager to see this property continue to thrive under new ownership.”
Tricap purchased the 3.85-acre site at 2201 Collins Avenue, formerly home of a Holiday Inn, which was demolished in 2006. The W Hotel, which delivered in 2009, features multiple luxury restaurants, including The Grove, Mr. Chow and WET Bar, as well as a full-service spa, spacious balconies with ocean views and much more. The tower, which also includes more than 200 individually-owned condominiums, sits immediately adjacent to the iconic Miami Beach, with views of Biscayne Bay and the Miami River, ideal access to Interstates 195 and 395, and close proximity to a plethora of luxury retail options along the waterfront.
[1]
Eastdil Secured also advised the seller.
[2]
According to Real Capital Analytics data.
About Tricap
For over three decades, real estate development and investment firm Tricap has been exceeding projected returns for their co-investment partners across a variety of asset classes, groundbreaking and market-changing projects. With the execution of prudent investment decisions against the backdrop of a creative business plan and capital structure implementation, Tricap seeks to create superior investment returns by identifying early-stage market opportunities and unique transactions. Manhattan-based Tricap has developed and maintained an expansive portfolio of real estate holdings including hotel, office, retail and mixed-use properties in major metropolitan markets including New York City, Miami, Silicon Valley, Seattle and Las Vegas. Tricap’s passionate and devoted team of seasoned experts, led by David Edelstein, applies the core investment principles mirroring that of their founder and continues to differentiate themselves from their competitors while elevating the expectations of their partners and clients.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of over $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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