Blackstone Real Estate has announced the acquisition of the 39-story East hotel, a prominent fixture at Miami’s Brickell City Centre. The deal marks a significant investment in one of Miami’s most vibrant urban districts, known for its rapid growth and dynamic atmosphere.
Key Takeaways
- Blackstone Real Estate has purchased the 352-room East hotel.
- The sale price for the 39-story property was not disclosed.
- The hotel, built in 2016, features the popular Sugar rooftop bar.
- The previous owners, Trinity Investments and Certares Real Estate Management, saw a significant increase in net operating income.
Strategic Acquisition in a Thriving Market
The acquisition of the East hotel by Blackstone Real Estate underscores the firm’s confidence in the Brickell neighborhood’s economic vitality. Scott Trebilco, Senior Managing Director at Blackstone Real Estate, highlighted the area’s