Real estate investment firms Trinity Investments and Certares Real Estate Management have sold the 352-room lifestyle hotel EAST Miami to Blackstone Real Estate.
"EAST Miami is a great example of how hands-on ownership and strategic partnerships can create meaningful value,” said Sean Hehir, managing partner, president and CEO of Trinity Investments, in the news release. He added the deal is its first fully realized property by Trinity GP Fund I.
Though the price of the deal was not disclosed, CoStar data shows Trinity and Certares bought the property in October 2021 for $174 million from Swire Properties, which continued to operate the hotel. Along with its guestrooms, the EAST Miami includes 89 serviced apartments.
The hotel opened in 2016 as the anchor of the Brickell City Centre, a $1.1 billion luxury retail, residential and hospitality mixed-use development developed by Swire Properties. The complex has multiple restaurants, shops, an outdoor pool and deck, event space and other amenities.
After funds affiliated with Trinity and Certares bought the hotel four years ago, the ownership group focused on making operational improvements and driving revenue growth, the news release states. They report the property saw a more than 60% increase in net operating income during their first full year of ownership.
“With focused management and strategic capital deployment, we have helped EAST Miami become a truly world-class destination, and we look forward to watching the hotel’s positive trajectory continue under Blackstone’s experienced stewardship,” said Nolan Hecht, senior managing director and head of real estate at Certares.
Trinity and Certares have been active partners on hotel deals. Most recently, Trinity sold in August a majority interest in its Hyatt Regency Greenwich to an affiliate of Certares, according to a news release. Trinity bought the 374-room hotel in October 2022 from Hyatt Hotels Corp. and completed a $35 million renovation of the property.
In May, Trinity sold its 950-room JW Marriott Phoenix Desert Ridge Resort & Spa to real estate investment trust Ryman Hospitality Properties for $865 million. Trinity bought the resort in 2019 from Blackstone for $602 million and invested $100 million into a renovation project.