Swire Properties sells East, Miami

Swire Properties has completed the sale of the 352-room East, Miami hotel to a joint venture created by funds managed by Trinity Fund Advisors, an affiliate of Trinity Real Estate Investments, and funds managed by Certares Real Estate Management. 

The $174-million deal represents a significant real estate transaction in Miami’s hospitality sector, having attracted numerous competitive offers. Swire Hotels, a division of Swire Properties Limited, will continue to manage and operate East, Miami under the East brand.

“When we began the process of developing Brickell City Centre, we knew that East, Miami would play a key role in establishing Brickell as the destination of choice in Miami for unparalleled dining and entertainment, with Brickell City Centre as the epicenter,” Swire Properties President Kieran Bowers said. 

Swire Properties intends to reinvest the capital into future developments that will contribute to further enhancing the city, forming part of the company’s ongoing business strategy to recycle capital and channel it to new projects. 

“This deal marks one of the largest hotel transactions in South Florida since the start of the COVID-19 pandemic, and it’s the first out of our inaugural commingled fund,” said Sean Hehir, managing partner, president and CEO of Trinity.

East, Miami

Designed by Arquitectonica, Studio Collective and Clodagh Design, East, Miami has 352 guestrooms, eight suites and 89 residence suites. Onsite restaurants include Sugar—the 40th-floor Asian-inspired rooftop bar and garden serving tapas—and Quinto La Huella, the first-ever outpost of Uruguay’s beachside Parador La Huella. 

The hotel also has 20,000-square-feet of event space and outdoor venues, fitness facilities including the hotel’s gym and the 20,000-square-foot outdoor pool and deck area. 

The property’s Climate Ribbon, an architectural fixture located in the middle of Brickell City Centre’s commercial sector, uses natural wind currents to cool the space without requiring the addition of cooling units. The hotel has also achieved LEED certification, citing resource efficiency by using less water and energy, as well as a reduction of greenhouse gas emissions.

East, Miami is part of Preferred Hotels and Resorts.