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, Tricap 1 .
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 2021 2 . "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 in.