MIAMI - E.I. American Real Estate Corp. recently bought the Conrad Miami Hotel and its affiliated spaces, totaling 250,000 square feet in property within the Espirito Santo Plaza, for $65 million.
Conrad Hotels, an affiliate of Hilton Hotels Corp., will continue to manage the 203-room hotel along with the condominium suite units under a long-term management agreement.
"We couldn't be more pleased with the new ownership," said Bill Ross, president of Estoril Inc., the developer of Espirito Santo Plaza. "They fully understand the true value of the property. Since the earliest development stages, we've planned to sell the hotel component of the building."
Ross said this deal was a positive move for E.I. American Real Estate due to Miami's strong real-estate market, the building's exceptional design, and Conrad Hotels' reputation as a leading luxury brand in the hospitality industry.
Dieter Huckestein, president of hotel operations for the Hilton Hotels agreed that the sale was a smart move.
"It is no surprise that wise investors realize the combined benefits inherent in this property," he said. "The future of this development is most promising."
In the first three weeks since the hotel opened, 10 condominium units have been contracted, bringing total sales to more than 30 percent.
"We're two years ahead of our leasing schedule, and are proud of the tremendous diversity of national and international tenants," Ross added. "We're honored to be the address for some of South Florida's top businesses."