Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, announced that it purchased the Conrad Miami hotel, located at located at 1395 Brickell Avenue.
Located in the Brickell Arch Tower – an iconic, 36-story mixed-use tower on Brickell Avenue in the heart of Miami’s financial district – the hotel includes 201 guestrooms, an 11-story atrium, a sky lobby, a fitness and spa facility, a rooftop swimming pool, event venues including, ballroom, small meetings and pre-function spaces. The hotel will be converted to “Hotel AKA Brickell,” immediately following acquisition, offering a mix of short-term and extended-stay lodging options catering to the upscale leisure and corporate traveler.
This marks EAHG’s third hotel acquisition since the joint ventured launched in early 2021 with the intent to acquire and reposition underperforming hotels in gateway cities. EAHG also recently acquired a 194-room hotel in New York City and another 178-room hotel in Old Town Alexandria in the Washington, D.C. metro area. It also marks AKA’s entry into the robust Miami market. AKA, which specializes in accommodations designed for longer stays with exceptional business, wellness, and lifestyle amenities in well-known neighborhoods, operates 14 properties in New York City, Philadelphia, Washington D.C., Los Angeles and London.
“In our initial six months, EAHG has been extremely active and all right down the fairway of our business plan,” said Russ Urban, CEO of EAHG. “All are in extremely high growth gateway markets with a balance of transient and corporate business not reliant on the lagging group segment. In addition to the already recovered leisure market, the acquisition of the Brickell Miami property is particularly exciting because of the recent tsunami of corporate relocations to Miami. Dozens of high-profile technology firms and financial institutions from New York and internationally have announced plans to open offices in Miami’s downtown and Brickell neighborhoods. Now, more than ever, we are confident that corporate and business-related travel will return strong and that high-end, multi-night stay properties in Miami’s urban core will be in high demand.”
“We’ve always envisioned AKA in Miami, a market that is globally appealing, vibrant and filled with opportunity,” said Larry Korman, President of AKA and co-CEO of Korman Communities. “Finding the perfect property is always a journey, and we knew we found a gem in this architecturally significant and well-located high-rise offering. The breadth of design, culture and energy adds great synergy with the DNA of AKA, and we are beyond thrilled to introduce the AKA brand to Brickell Miami.”
EAHG intends to invest roughly $11 million in additional renovations to the property. The joint venture plans to remain active in pursuing other hotel opportunities in Miami, New York and Washington D.C., as well as in cities including Los Angeles and London.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.