This is the second JLL-led sale of the 124-room luxury and lifestyle hotel since 2015
News release
12 October 2023
JLL arranges sale of SLS Brickell in Miami
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MIAMI, Oct. 12, 2023 – JLL’s Hotels & Hospitality group announced on behalf of Constellation Hotels Holdings that the firm has arranged the sale of SLS Brickell, a 124-room luxury and lifestyle hotel located in Miami’s Brickell submarket for the second time.
The Kastrati Group acquired the hotel for $53.5 million and was represented by Jordan Karp and Disruptive Real Estate. The sale did not include the restaurant space formerly known as Bazaar Mar by Jose Andres, as JLL had sold it in a separate transaction to Black Lion Investment Group in Q1 of 2023.
Managing Director Andrew Dickey and Senior Vice President Maciej Polek led the JLL team on the transaction. This team also led the financing and sale of the SLS South Beach in 2015. The seller was also represented by Latham & Watkins in the disposition, led by Michelle Kelban, Global Co-Chair of the firm’s Real Estate Practice, and Aaron Friberg counsel in the firm’s San Diego office.
“This transaction was a great opportunity to work with the Constellation team again and to continue our global relationship,” said Dickey. “This asset was highly sought after with several bidders, which reflects the quality of the asset, its improving location within Brickell, and the long-term view of Miami’s growth.”
The SLS Brickell was developed by the Related Group, designed by Philippe Starck and Arquitectonica, opened in 2016 and is located within the SLS Tower, one of Brickell’s most successful mixed-use projects. Amenities include nearly 58,000 square feet of indoor and outdoor event space, an upscale three-meal restaurant, three bars and lounges, and an expansive rooftop pool and spa.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years and has sold/financed 60% of all hospitality transactions in the state of Florida since 2010. Our hotel valuation, brokerage, asset management, and consultancy services have helped more hotel investors, owners, and operators achieve high returns on their assets than any other real estate advisor in the world.JLL’s Hotels & Hospitality Group
For more news, videos and research resources on JLL Hotels & Hospitality, please visit the firm’s U.S. media center web page: https://www.us.jll.com/en/industries/hotels-and-hospitality.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Latham & Watkins
Latham & Watkins delivers innovative solutions to complex legal and business challenges around the world. From a global platform, our lawyers advise clients on market-shaping transactions, high-stakes litigation and trials, and sophisticated regulatory matters. Latham is one of the world’s largest providers of pro bono services, steadfastly supports initiatives designed to advance diversity within the firm and the legal profession, and is committed to exploring and promoting environmental sustainability. For further information, visit lw.com