Conrad Miami hotel sold, will rebrand to AKA
JLL’s Hotels & Hospitality Group completed the sale of the recently renovated hotel in one of the most iconic buildings in Miami
Miami, Nov. 8, 2021 – JLL’s Hotels & Hospitality Group announced today that it closed the sale of the Conrad Miami, a 203-key, recently renovated hotel in Miami’s Brickell neighborhood.
JLL represented the seller, a joint venture consisting of Mast Capital and Angelo Gordon. A partnership between Electra America and Korman Companies purchased the hotel with plans to rebrand the property to an AKA.
Conrad Miami recently underwent a $14.5 million state-of-the-art renovation to its guestrooms, public areas, and food and beverage outlets. The property offers 203 traditional guest rooms and an additional 20 rooms in a rental management program. Hotel amenities include the Nativo Kitchen and Bar, Sky Pool Bar, the Spa at Conrad Miami, a rooftop lap pool, fitness center and rooftop tennis courts.
Located at 1395 Brickell Ave. the Conrad Miami is positioned in the heart of Miami’s financial district. The immediate area surrounding the hotel boasts top financial institutions, luxury residential condos, high-end retail and restaurants, and a variety of arts and entertainment offerings. The hotel has immediate access to the Financial District Metromover station and is convenient to Interstate 95 providing access to the entire Miami metro.
The JLL Hotels & Hospitality team representing the seller was led by Managing Director Andrew Dickey, as well as Senior Managing Director Gregory Rumpel and Vice President Maciej Polek.
”The seller along with Hilton and HEI Hotels & Resorts led the property through extensive renovation resulting in prime market positioning to take advantage of the growth in Miami. Furthermore, the Downtown and Brickell submarkets are leading the way in Miami, largely due to the Wall Street movement to Miami in the financial sector, which directly impacts assets like the Conrad Miami,” said Dickey.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management, and consultancy services have helped more hotel investors, owners, and operators achieve high returns on their assets than any other real estate advisor in the world.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mast Capital
Mast Capital is a vertically integrated real estate investment and development firm headquartered in Miami. Mast Capital and its affiliates have invested in deals representing over $2 billion in total project capital, with a focus on value-add and opportunistic investments. To learn more about Mast Capital, please visit mastcapital.com.
About Angelo Gordon
Angelo Gordon is an alternative investment management firm founded in November 1988. The firm currently manages approximately $44 billion with a primary focus on credit and real estate strategies and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit angelogordon.com.
About Electra America
Electra America Hospitality Group (EAHG) is a unique joint venture between Electra America, a leading real estate operator and capital provider, and AKA, the global leader in luxury hotel residences.
About Korman Communities
Korman Communities is a product of four generations of innovation, leadership, passion, and hard work. Built on a sound foundation of family values, Korman today represents creativity, integrity, market savvy and proven performance in the real estate and investment arenas. For more, please visit korman.com.