MIAMI — Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap.
The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021.
The W Hotel, which Tricap completed in 2009, features more than 300 hotel and condo units. There are multiple luxury restaurants, including The Grove, Mr. Chow and WET Bar, as well as a full-service spa.
The 3.8-acre site at 2201 Collins Ave. formerly housed a Holiday Inn hotel, which was demolished in 2006.
The tower sits immediately adjacent to Miami Beach with views of Biscayne Bay and the Miami River. The hotel features convenient access to I-195 and I-395 and is proximate to luxury retail options along the waterfront.
Newmark represented Manhattan-based Tricap in the sale. Eastdil Secured also advised the seller.
Tricap has developed a portfolio of real estate holdings, including hotel, office, retail and mixed-use properties in major metropolitan markets such as New York City, Miami, Silicon Valley, Seattle and Las Vegas.
London-based Reuben Brothers is a private equity, real estate investment and development, and debt financing firm. The company’s real estate holdings encompass office, retail, hotel, residential and infrastructure properties worldwide.
— Kristin Harlow