Miami Beach, FL (October 29, 2024) – In a milestone transaction that is set to redefine the luxury hotel market in Miami, Reuben Brothers have acquired the renowned W South Beach from Tricap and RFR. The landmark deal, valued at over $400 million, reinforces Reuben Brothers’ commitment to strategically expanding their hospitality portfolio in the United States and beyond.
David Edelstein (Tricap) and RFR acquired the 3.5-acre property in 2004 and commenced the development of a new world-class luxury hotel, W South Beach, along with The Residences at W South Beach. When it opened its doors in 2009, it significantly reshaped the landscape of Miami Beach. The property, which includes 348 managed hotel and condo units, has played a pivotal role in Miami Beach’s luxury tourism and real estate expansion. Its prime location has made it a key destination during Art Basel and other celebrated Miami Beach events.
With Reuben Brothers at the helm, the property is set for a transformative new chapter. Jamie Reuben, principal at Reuben Brothers, stated: “We are excited to build on the extraordinary success that has already been achieved. Our vision is clear: to secure its standing as Miami’s leading global destination, while reimagining its future and delivering an unparalleled luxury experience.”
The transaction was facilitated by Jeffrey Davis, Managing Director of Eastdil Secured, who served as advisor to the seller on this significant deal.
This acquisition also marks Reuben Brothers’ second significant Florida location, following the purchase of the Chesterfield in Palm Beach, which is set to debut its transformation as The Vineta in early 2025 under the Oetker Collection. Another major Florida asset in which Reuben Brothers have an interest is the JW Marriott Miami Turnberry Resort & Spa, where they acquired a significant minority stake. The Turnberry Isle property in Aventura recently underwent a $300 million renovation and now offers 685 rooms and suites, additional event space, a 36-hole golf course, and the Tidal Cove Waterpark. With this latest acquisition on South Beach, Reuben Brothers will bring their world-class expertise in real estate and hospitality to one of Miami Beach’s most prestigious addresses, ensuring its status as a leading global destination.
In Puerto Rico, Reuben Brothers and their partners at Three Rules Capital are developing Esencia, a $2.6 billion luxury community on the island’s southwest coast. Spanning over 2,000 acres in Cabo Rojo and featuring a private airport, Esencia is thoughtfully designed to integrate with the natural landscape while preserving at least 75% of the land for conservation and recreation. The community will include a vibrant town center, medical wellness facilities, and a K-12 school, promoting a holistic lifestyle for residents. Additionally, Esencia will feature two golf courses and state-of-the-art sports facilities, offering opportunities for racket sports, equestrian activities, hiking, bird watching, and more. This expansive project is set to include five luxury hotels, featuring renowned brands such as Mandarin Oriental Hotel Group and Rosewood Hotels & Resorts, alongside 900 branded residences. With presales anticipated to begin this winter, Esencia promises to create over 2,000 local jobs, making a significant contribution to the region’s economy and enhancing Puerto Rico’s appeal as a premier destination.
