MIAMI—Mast Capital, a Miami-based investment and development firm, and Angelo, Gordon & Co. have completed the purchase of Conrad Miami from Holborn LC for $72 million.
This was a transaction facilitated by Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels. The hotel is a flagship, trophy asset situated within the Brickell Arch Tower and occupies an entire block within Miami’s Financial District. The tower contains 267,000 rentable sq. ft. of Class A office space, 203 hotel keys and 116 luxury residential units. The interest purchased includes 203 hotel keys, a rooftop amenity deck and a rental program, which currently has 41 out of 116 residential units participating.
Following the sale, the joint venture will enter into the first Conrad Hotels & Resorts franchise agreement in the United States with HEI Hotels & Resorts. An extensive rooms and public space renovation is planned to further elevate the property’s luxury offerings and create a more energized food and beverage experience, according to the company.
Mast Capital was represented by Kimberly LeCompte (acquisition), Joel Maser (corporate), Iris Escarra (zoning), Nancy Lash (loan), Nelson Migdal (hospitality) Andrew Sharpe (acquisition) and Brian Dombrowski (zoning) from Greenberg Traurig’s Miami, Washington, DC, and Fort Lauderdale offices. Lauren Giovannone and Michael Bradford from Paul Hastings’ Los Angeles office acted as co-counsel with Greenberg Traurig.
The seller was represented by Suzanne Amaducci-Adams and Alexander Roitman (disposition) from Bilzin Sumberg Baena Price & Axelrod LLP’s Miami office.