Blackstone purchased East Miami Hotel in Brickell for as nearly $300 million,

Blackstone’s purchase price for the 352-key East Miami hotel in Brickell is revealed as nearly $300 million.

New York-based Blackstone bought the 40-story hotel at 788 Brickell Plaza from funds managed by Honolulu, Hawaii-based Trinity Investments and New York-based Certares, the sellers

The sale closed last week and deeds became public on Friday. According to the deeds, the hotel traded for $147.8 million. Deeds reflect the price of the real estate only and exclude other assets usually included in hotel purchases.

East Miami’s true sale price of nearly $300 million is higher because the purchase includes additional assets, such as furniture and fixtures at the hotel.

East Miami is within the Brickell City Centre mixed-use complex that Miami-based Swire Properties completed in 2016. The complex, which spans about five city blocks, also has about 500,000 square feet of retail; the 43-story Reach and Rise condo buildings; and a pair of office buildings.

East Miami is home to rooftop venue Sugar and has 89 serviced apartments.

Trinity and Certares bought the hotel from Swire in 2021 for $174 million. The price recorded in the deeds for that deal was $120.3 million.

Source Credit: The Real Deal South Florida

Photo Credit: Coastar