Wednesday, November 6, 2024 Newmark announces a monumental $400 million sale of the 20-story oceanfront W Hotel South Beach in Miami, Florida, advising seller Tricap1 in the transaction with buyer Reuben Brothers. This sale marks the largest hotel transaction in Miami this year and the first major hotel property sold since 2021. “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 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 acquired the 3.85-acre site at 2201 Collins Avenue, previously a Holiday Inn location demolished in 2006. The W Hotel, completed in 2009, boasts luxury dining options like The Grove, Mr.
Chow, and WET Bar, a full-service spa, expansive balconies with ocean views, and more. The tower, featuring over 200 privately-owned condominiums, offers stunning views of Biscayne Bay and the Miami River, prime access to Interstates 195 and 395, and proximity to ups.