Cipriani Residences Miami
Brickell, FLSaddlebrook Resort
Wesley Chapel, FLSolé Miami
17315 Collins Ave, Sunny Isles Beach, FLThe Perigon Miami Beach
Miami Beach, FL5101 Bruce B. Downs
Wesley Chapel, FLLittle Palm Island Resort
Little Torch KeySeascape Pointe
1140 SE 24th RoadWaterline | Miami River
Miami, FL3811 Shipping Avenue
Miami, FLThe Quay
Fort Lauderdale, FLConrad Brickell
Miami, FLWake Biscayne Bay
North Bay Village, FL3900 Alton
Miami Beach, FLLouver House
Miami Beach, FLOffice in the Grove
Miami, FLHawks Cay Resort
Duck Key, FLThe Graham Georgetown
Washington, DCWest Isles Club
Key West, FLOcean Walk Apartments
Key West, FLShoppes at River Ridge
Dublin, OHChateau Petit Douy
Miami, FLMarriott TownePlace Suites
Doral, FLSadigo Court Hotel
Miami Beach, FL
Conrad Brickell
Miami, FL
Property Characteristics
- Trophy asset on Brickell Avenue, occupying an entire block at the heart of Miami’s urban core
- 203 luxury hotel rooms, including seven suites, in a full amenity property that features a rooftop pool, tennis courts, and full service spa
Acquisition
Investment Opportunity
- Property acquired well below replacement cost, creating the potential to unlock significant value, particularly through expense management
- Signed the first Conrad franchise agreement in the United States, which can be terminated upon sale for a fee
- All guestrooms feature spectacular views of Biscayne Bay or the city; considerable upside potential exists as rooms are in need of an update
- The hotel is within walking distance of 13 million sf of office space and located less than 10 miles from Miami International Airport and Miami Beach
Execution
- Mast engaged HEI Hotels and Resort, a best in class operator of luxury hotels, to implement productivity and cost cutting measures
- Mast is executing an $8M renovation to enhance the product’s offering and competitive position within the market
- Due to the high quality of the underlying real estate and market, the hotel will likely attract REIT and offshore capital buyers upon sale