The W South Beach has changed hands. The Reuben Brothers have acquired the luxury hotel from Tricap and RFR for $400 million. The landmark deal helps the U.K.-based group, run by David and Simon Reuben, to strengthen their foothold in the U.S. and beyond.
David Edelstein (Tricap) and RFR purchased the 3.5-acre property in 2004 and developed the hotel along with The Residences at W South Beach. The hotel opened its doors in 2009 and has since played an integral role in Miami Beach’s tourism and real estate expansion. The property includes 348 managed hotel and condo units.
The new owners will be renovating the property.
“We are excited to build on the extraordinary success that has already been achieved. Our vision is clear: to secure its standing as Miami’s leading global destination, while reimagining its future and delivering an unparalleled luxury experience,” said Jamie Reuben, principal at Reuben Brothers.
The transaction was facilitated by Eastdil Secured, who served as advisor to the seller.
The W South Beach purchase marks Reuben Brothers’ second location in Florida. In 2022, the group acquired the Chesterfield in Palm Beach, which will open as The Vineta early next year under the Oetker Collection. The Reuben Brothers also has a minority stake in the JW Marriott Miami Turnberry Resort & Spa, which recently completed a $300-million renovation and now features 685 rooms, a 36-hole golf course, additional event space and a waterpark.
Beyond Florida, the Reuben Brothers reopened the iconic The Surrey in Manhattan’s Upper East Side. The company reportedly acquired the bankrupt, 95-year-old hotel for $150 million in 2020, marking a milestone for their hospitality collection. Renamed as The Surrey, A Corinthia Hotel, the hotel also marks Corinthia Hotels’ inaugural hotel in North America. Part of New York’s skyline since 1926, the reimagined hotel now offers 70 rooms, 30 suites and 14 private residences.
In Puerto Rico, the brothers and their partners at Three Rules Capital are developing Esencia. The $2.6 billion luxury community is located on the island’s southwest coast and is spread across over 2,000 acres in Cabo Rojo. Designed to integrate with the landscape and preserve at least 75% of the land for conservation and recreation, Esencia includes a private airport, town center, medical wellness facilities and a K-12 school. The community will also offer five luxury hotels, featuring brands such as Mandarin Oriental Hotel Group and Rosewood Hotels & Resorts, 900 branded residences, two golf courses and sports facilities.
Born in India, the brothers moved to London as teenagers and built a fortune trading metals through their company, TransWorld Group, which they later sold. According to the Bloomberg Billionaires Index, the two brothers have a combined net worth of roughly $1.64 billion.
