BH Group and Süzer Team are less than deal to purchase the W Miami lodge in Brickell.
Sources acquainted with the seller confirmed the pending deal, but could not disclose the sale cost. Al Rayyan Tourism Investment Corporation, or ARTIC, is promoting the 50-story, 148-key hotel at 485 Brickell Avenue in Miami.
Stefano Santoro with Disruptive Serious Estate is representing the prospective buyers, and Jordan Karp is symbolizing ARTIC, the global lodge investment decision and hospitality subsidiary of Qatar-dependent Al Faisal Holding Company.
Santoro, Karp and a BH consultant all declined to comment.
In 2016, ARTIC paid $64.5 million for the then-Viceroy Miami Hotel and rebranded the residence underneath the W banner. The making, produced by the Related Team in 2008, is element of the 10-acre Icon Brickell sophisticated that also contains a few condominium towers with 1,718 units.
Two several years prior to acquiring the W Miami, ARTIC dropped $149.5 million to purchase the St. Regis Bal Harbour Vacation resort, a 27-tale tower with 192 rooms and 24 condo-resort units in Bal Harbour.
Süzer, led by CEO Sami Çakır, is an Istanbul, Turkey-based non-public equity organization that invests in real estate, banking, strength and hospitality, in accordance to the company’s web page.
Led by Liat and Isaac Toledano, BH is an Aventura-based mostly true estate expenditure and improvement company with various planned initiatives throughout South Florida. The company is also an lively buyer of trophy professional houses in the tri-county region.
BH and its associates, Miami-centered Connected Team and Boca Raton-dependent Pebb Enterprises, are organizing to redevelop a portion of the Workplace Depot campus in Boca Raton into a blended-use developing with household models and retail. The joint venture has not decided if the units will be condos or apartments.
In April of very last 12 months, BH and Pebb paid $104 million for the 29-acre site which also includes three other business buildings, which include 300,000 square ft leased to Office environment Depot.
Very last thirty day period, BH and Associated introduced income for a planned Ritz-Carlton-branded condominium project in West Palm Seashore, as perfectly as Icon Seaside Residences, a prepared condominium tower adjacent to the Diplomat Beach front Resort in Hollywood.
