Conrad Brickell

Miami, FL

Property Characteristics

  • Trophy asset on Brickell Avenue, occupying an entire block at the heart of Miami’s urban core
  • 203 luxury hotel rooms, including seven suites, in a full amenity property that features a rooftop pool, tennis courts, and full service spa

Acquisition

  • July 2017

Investment Opportunity

  • Property acquired well below replacement cost, creating the potential to unlock significant value, particularly through expense management
  • Signed the first Conrad franchise agreement in the United States, which can be terminated upon sale for a fee
  • All guestrooms feature spectacular views of Biscayne Bay or the city; considerable upside potential exists as rooms are in need of an update
  • The hotel is within walking distance of 13 million square feet of office space and located less than 10 miles from Miami Int’l Airport and Miami Beach

Execution

  • Mast engaged HEI Hotels and Resort, a best in class operator of luxury hotels, to implement productivity and cost cutting measures
  • Mast is executing an $8M renovation to enhance the product’s offering and competitive position within the market
  • Due to the high quality of the underlying real estate and market, the hotel will likely attract REIT and offshore capital buyers upon sale