Conrad Miami Hotel Sold For $65 Million

MIAMI— Just one month after officially opening its doors, the 203-room Conrad Miami Hotel and its affiliated spaces was sold by Espirito Santo Plaza for $65 million. The hotel was acquired by E.I. American Real Estate Corp., a Florida corporation. Conrad Hotels, an affiliate of Hilton Hotels Corp., will continue to manage the hotel and condominium suite units under a long-term management agreement. The 250,000 square-foot purchase includes 30,000 square feet of meeting and ballroom space, the sky lobby, restaurants, kitchens, bars, ground floor lobby, recreation center featuring two tennis courts and a swimming pool on the garage roof and 20,000 square feet of back-house storage. The hotel, which was hyped for its high tech guest services, officially opened July 1.