Blackstone has purchased the East Miami hotel from Trinity Investments and Certares Real Estate Management, adding to its string of acquisitions in Florida’s hospitality sector, according to sources cited by Bloomberg.

The deal, announced Wednesday, comes after Bloomberg previously reported that the 352-room luxury property could fetch more than $325m. Trinity and Certares acquired the hotel in 2021 for $174m, at a time when investor appetite for lodging assets was recovering from the pandemic.

The East Miami is located in the city’s Brickell neighbourhood, where demand has pushed office rents to near-Manhattan levels. The property features multiple restaurants, a rooftop bar, and an expansive outdoor deck.

The sale marks the first realised exit from Trinity GP Fund I, a $520m vehicle raised in 2021 to target value-add hotel opportunities.

Blackstone has been actively building its Florida portfolio, recently striking deals for the Sunseeker Resort in Port Charlotte, the W Fort Lauderdale, and the Hyatt Clearwater Beach. With more than $325m potentially invested in East Miami, the firm further cements its position as one of the most active private equity players in the US lodging market.

Trinity manages over $6.8bn in assets, while Certares, founded in 2012, manages about $7bn with a focus on travel and hospitality.

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