Blackstone has acquired the East Miami hotel in Brickell for nearly $300 million, according to sources familiar with the transaction. The 352-room hotel, located at 788 Brickell Plaza, was purchased from funds managed by Trinity Investments and Certares. While the official sale price was not disclosed in last week’s announcement by the sellers, new information reveals that the deal closed last week and deeds became public on Friday.
The deeds show a recorded real estate price of $147.8 million, but this figure does not include additional assets typically part of hotel sales, such as furniture and fixtures. These assets bring the total transaction value close to $300 million.
East Miami is part of Brickell City Centre, a mixed-use development completed by Swire Properties in 2016. The complex covers about five city blocks and includes retail space, residential towers, and office buildings. The hotel itself features rooftop venue Sugar and offers 89 serviced apartments.
Trinity Investments and Certares previously acquired East Miami from Swire in 2021 for $174 million; the deed at that time recorded a price of $120.3 million.
Blackstone, led by CEO Stephen A. Schwarzman, manages approximately $1.2 trillion in assets as of the end of the second quarter. The firm has been active in South Florida’s real estate market recently. This summer, Blackstone and its affiliate Link Logistics sold a development site in Opa-locka for $105.7 million, contributing to more than $1 billion in regional sales since November. In April, Blackstone bought an apartment complex in Miami Lakes for $115.9 million and provided a $300 million loan for renovations at Ritz-Carlton Key Biscayne and Grand Bay Club.
Brickell continues to be a focal point for real estate activity in South Florida, attracting new businesses and residential developments. The sale of East Miami follows other major transactions at Brickell City Centre this year: Swire sold its majority stake in retail and parking to Simon Property Group for $512 million in June; earlier, it sold a development site to Melo Group for $200 million after canceling plans for an office tower; Kerzner International also purchased land nearby for future development.
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