MIAMI, FL – October 28, 2021 – Swire Properties Inc., one of South Florida’s leading international developers, announced today that it has completed the sale of the 352-key EAST, Miami hotel to a joint venture among funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), and funds managed by Certares Real Estate Management LLC (“Certares”). The deal represents a significant real estate transaction in Miami’s hospitality sector, having attracted numerous competitive offers. Swire Hotels, a division of Swire Properties Limited, will continue to manage and operate EAST, Miami under the EAST brand, providing guests with the vibrant experience and personalized luxury service they have come to expect.
“When we began the process of developing Brickell City Centre, we knew that EAST, Miami would play a key role in establishing Brickell as the destination of choice in Miami for unparalleled dining and entertainment, with Brickell City Centre as the epicenter,” said Kieran Bowers, President of Swire Properties. “We are very proud of our team that has driven this growth and the role the EAST brand has played in revolutionizing the guest experience for business hotels. We look forward to continuing to manage the hotel alongside the new owners Trinity and Certares and welcome their endorsement of EAST and Swire Hotels Management.”
Swire Properties intends to reinvest the capital into future developments that will contribute to further enhancing the city, forming part of the company’s ongoing business strategy to recycle capital and channel it to new projects. With a presence in Miami for the last 40+ years, Swire Properties remains committed to making Miami and the Brickell neighborhood a world-class urban destination.
“This deal marks one of the largest hotel transactions in South Florida since the start of the COVID-19 pandemic, and it’s the first out of our inaugural commingled fund,” said Sean Hehir, Managing Partner, President and CEO of Trinity. “We look forward to a mutually beneficial partnership with Swire and Certares, and we plan to leverage our operational expertise to implement a focused strategy that drives efficiencies, advancing ADR growth and profitability. This transaction is representative of our ability to source and close highly attractive investment opportunities that present compelling upside for our investors and partners.”
Designed by Arquitectonica, Studio Collective and Clodagh Design, EAST, Miami offers 352 guest rooms, eight suites and 89 residence suites and features the following distinctive experiences available to both local residents and visitors to Miami: signature restaurants Sugar, the 40th floor Asian inspired rooftop bar and garden serving tapas and Quinto La Huella, the first-ever outpost of Uruguay’s beachside Parador La Huella; 20,000 square feet of event space and outdoor venues; state-of-the-art fitness facilities including the hotel’s gym BEAST and the 20,000 square-foot outdoor Pool & Deck area; cutting edge technology, and quality amenities. The property’s highly acclaimed Climate Ribbon, an architectural fixture located in the middle of Brickell City Centre’s commercial sector, uses natural wind currents to cool the space without requiring the addition of cooling units. The hotel has also achieved LEED certification, citing resource efficiency by using less water and energy, as well as a reduction of greenhouse gas emissions.
Since its opening, EAST, Miami, and its dining venues Quinto La Huella and Sugar Miami, have garnered numerous awards, and have been included in several reputable rankings in outlets such as AFAR, Conde Nast Traveler, U.S. News & World Report, and Time Out Miami. EAST, Miami is part of Preferred Hotels & Resorts, the world’s largest independent hotel brand, representing more than 700 distinctive hotels, resorts, residences, and unique hotel groups across 80 countries.
“We are thrilled to acquire the EAST, Miami, which we believe is positioned as the premier hotel in the Brickell submarket, located at the epicenter of a vibrant ‘live, work, play’ neighborhood. This investment is consistent with Certares’ strategy of acquiring well-located, high-quality hotels in growing markets that display both strong leisure and corporate demand fundamentals. Utilizing the inherent synergies of the entire Certares platform, we look forward to working alongside our partners at Trinity and Swire to further enhance what is already a very successful hotel operation,” said Nolan Hecht, Senior Managing Director and Head of Real Estate at Certares.
Swire Hotels was created to manage refreshingly individual hotels in Hong Kong, Mainland China, and the USA, providing a characterful experience for well-travelled individually minded travelers who seek originality, style, and personalized service. As the anchor hotel for Swire Properties’ $1.05 billion, 5.4 million-square-foot mixed-used Brickell City Centre, and Swire Hotels’ first venture into North America, EAST, Miami opened in May 2016.
