Funds managed by Trinity Investments together with Certares Real Estate Management have sold EAST Miami, a 352-room lifestyle hotel, to entities affiliated with Blackstone Real Estate.
The hotel opened in 2016 as the anchor of Brickell City Centre, a $1.1-billion mixed-use development. The property features 89 serviced apartments, modern guest rooms and dining venues, including Sugar, a rooftop bar.
Trinity and Certares acquired the hotel from Swire Properties in 2021. Since the acquisition, the ownership group has focused on operational enhancements and revenue growth, while partnering closely with Swire Hotels, the original developer and relatively new U.S. entrant with the EAST brand. This collaboration helped boost performance, resulting in a more than 60 percent increase in net operating income during the first full year of Trinity and Certares’ ownership.
“EAST Miami is a great example of how hands-on ownership and strategic partnerships can create meaningful value,” said Sean Hehir, managing partner, president, and CEO of Trinity Investments. “This transaction also marks the first fully realized asset by Trinity GP Fund I L.P., underscoring our ability to identify and enhance high-quality hotels in key markets.”
“This transaction demonstrates how we at Certares use our deep travel and hospitality expertise, as well as our proprietary data and market insights, to identify neighborhoods and assets that are poised for growth,” said Nolan Hecht, senior managing director and head of Real Estate at Certares. “With focused management and strategic capital deployment, we have helped EAST Miami become a truly world-class destination, and we look forward to watching the hotel’s positive trajectory continue under Blackstone’s experienced stewardship.”
“The acquisition of this luxury hotel located in one of the most dynamic areas of Miami reflects our strong conviction in travel and hospitality. The Brickell neighborhood is experiencing a rapid transformation with strong employment and population growth, as well as exciting leisure attractions and entertainment events, creating a compelling backdrop for the property,” said Scott Trebilco, senior managing director at Blackstone Real Estate.
The sale follows Trinity and Certares’ recent recapitalization of the Hyatt Regency Greenwich. Both firms continue to pursue opportunities to enhance hotel operations and deliver strong results for investors. Transaction terms were not disclosed.
