Sale Marks Largest Miami Hotel Transaction This Year
NEW
YORK, Nov. 5, 2024 /PRNewswire/ -- Newmark
announces the more than $400 million
sale of the 20-story oceanfront W Hotel South Beach in
Miami, Florida. Newmark was an
advisor to the seller, Tricap1. Reuben Brothers purchased the property.
"I am confident that the Reuben
Brothers family will take the W to the next level of
greatness, and look forward to the success they will achieve and
the impact they will make on the world-class luxury Miami Beach hospitality market," said
David Edelstein, Principal at
Tricap. "I thank Related New York for the excellent work it did as
builder of the W Hotel and RFR Realty for its partnership. Lastly,
it's been terrific as always working with Newmark."
The sale is the largest hotel transaction in the Miami market this year, as well as being the
newest hotel property to sell since 20212.
"The W Hotel South Beach is a world-class, trophy asset and a
once-in-a-lifetime opportunity," said Doug
Harmon, Co-Head of U.S. Capital Markets for Newmark. "We are
eager to see this property continue to thrive under new
ownership."
Tricap purchased the 3.85-acre site at 2201 Collins Avenue,
formerly home of a Holiday Inn, which was demolished in 2006. The W
Hotel, which delivered in 2009, features multiple luxury
restaurants, including The Grove, Mr. Chow and WET Bar, as well as
a full-service spa, spacious balconies with ocean views and much
more. The tower, which also includes more than 200
individually-owned condominiums, sits immediately adjacent to the
iconic Miami Beach, with views of
Biscayne Bay and the Miami River, ideal access to Interstates 195
and 395, and close proximity to a plethora of luxury retail options
along the waterfront.
About Tricap
For over three decades, real estate
development and investment firm Tricap has been exceeding projected
returns for their co-investment partners across a variety of asset
classes, groundbreaking and market-changing projects. With the
execution of prudent investment decisions against the backdrop of a
creative business plan and capital structure implementation, Tricap
seeks to create superior investment returns by identifying
early-stage market opportunities and unique transactions.
Manhattan-based Tricap has
developed and maintained an expansive portfolio of real estate
holdings including hotel, office, retail and mixed-use properties
in major metropolitan markets including New York City, Miami, Silicon Valley, Seattle and Las
Vegas. Tricap's passionate and devoted team of seasoned
experts, led by David Edelstein,
applies the core investment principles mirroring that of their
founder and continues to differentiate themselves from their
competitors while elevating the expectations of their partners and
clients.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries
("Newmark"), is a world leader in commercial real estate,
seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry spectrum. For the
twelve months ended September 30,
2024, Newmark generated revenues of over $2.6 billion. As of that same date, Newmark's
company-owned offices, together with its business partners,
operated from nearly 170 offices with more than 7,800 professionals
around the world. To learn more, visit nmrk.com or follow
@newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, Newmark undertakes
no obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
and Special Note on Forward-Looking Information set forth in these
filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.
1 Eastdil Secured also advised the seller.
2 According to Real Capital Analytics data.
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SOURCE Newmark
