Publicly traded real estate investment trust Summit Hotel Properties has concluded the acquisition of a 90% stake in dual branded AC Hotel by Marriott & Element Miami Brickell (Brickell Hotels), at a gross valuation of $89m or $337,000 per key.
The 90% equity stake, worth $38m, has been financed by converting a $30m mezzanine construction loan and making $8m in cash payments.
The property features 264 guestrooms including 156-room AC Hotel by Marriott and 108-suite Element by Westin.
Opened in December 2021, the hotel shared an outdoor rooftop pool, a modern fitness centre, 4,683ft2 of event space as well as a rooftop bar and lounge dubbed, Rosa Sky, catering lite food menu and an elevated cocktail program, and outdoor bar, the AC lounge restaurant and bar.
There are also 150 structured parking spaces.
Located at the centre of Brickell, a neighbourhood of downtown Miami, the 22-story Brickell Hotels are conveniently accessible to the Port of Miami, Bayfront Park, FTX Arena and numerous shopping and dining destinations.
The property is also located adjacent to the Brickell City Centre, a mixed-use development consisting of 5.4 million square feet of office, residential, retail and entertainment space.
AC Hotel by Marriott & Element Miami Brickell was developed by an affiliate of Miami-based developer Robert Finvarb Companies.
Robert Finvarb Companies will remain the company’s joint venture partner, retaining a 10% stake in Brickell Hotels.
Last month, Summit Hotel Properties, through its joint venture with GIC, sold the 169-guestroom Hilton Garden Inn San Francisco Airport North for $75m, or $444,000 per key.