Brickell Miami LLC, an affiliate of Constellation Hotel Holdings Ltd., has sold the SLS Brickell Hotel, a mixed-use hospitality development in Miami, for $55 million. Miami-based broker Jordan Karp of Jordan Karp LLC led the off-market, cash transaction.
The Related Group and Dakota Development developed the SLS Brickell Miami property in 2016 and sold the SLS Brickell Hotel component in 2019 for $43 million. The asset offers nearly 58,000 sq. ft. of indoor and outdoor event space, two ground-floor restaurants, three bars/lounges, a rooftop pool terrace, two ballrooms, various meeting spaces, a fitness-center and the Ciel Spa.
Designed by Philippe Starck and Arquitectonica, the hotel traded in this deal occupies the first nine floors of the SLS Tower, with common areas and 453 residential condominium units above. Fi’lia Restaurant currently occupies the 4,530 sq. ft. of ground-floor retail which also traded in the current sale.
Karp also arranged the recent off-market sale by Brickell Miami LLC to Black Lion’s Robert Rivani of the adjacent 7,182-sq.-ft. commercial restaurant space in the project, formerly occupied by celebrity chef Jose Andres’ Bazaar Mar for $10 million in April and slated for a new restaurant concept.
The 124-key hotel and remaining 4,530-sq.-ft. ground-floor restaurant/retail space and associated hotel and restaurant FF&E within the 54-story mixed-use building was purchased by 1300 Brickell Miami LLC, a Florida limited liability company.
Karp represented the buyer in the deal with the assistance of Disruptive Real Estate CEO Stefano Santoro. Karp also represented the seller, Brickell Miami LLC, an entity affiliated with Al Thanis, members of Qatar’s ruling royal family, in the deal.
Charlie Ratner of Miami Beach-based Charles Ratner PA, whose grandfather built the Clevelander Hotel in Miami Beach and whose uncle, Nat Ratner, brokered the original sale of nearby Fisher Island in the 1950s, represented the buyer as real estate counsel.