Brazilian developer JHSF bought the Como Metropolitan Miami Beach Hotel with plans to renovate and brand it as Fasano. The real deal learned.
The purchase marks the first acquisition of a developer in South Florida.
Como Hotels and Resorts sold a 74-key oceanfront hotel at 2445 Collins Avenue for $ 70 million to JHSF Participações in the US.
At around $ 946,000 a key, the deal represents one of the most expensive hotel deals to close since the pandemic began.
The Art Deco hotel, built in 1939, was formerly called the Traymore Hotel and has been renovated by the Italian designer Paola Navone. It features a beachfront pool, rooftop hydrotherapy pool and Traymore by Michael Schwartz restaurant and bar.
The Susan Gale Group and One Sotheby’s International Realty mediated the sale, representing the buyer and seller. The off-market deal was done entirely in cash, Gale said.
Gale said the buyer plans to renovate and brand the property as Fasano, a luxury hotel operator under the JHSF umbrella. She said the deal is an example of the current trend in the luxury industry. hotel market in Miami as more and more high-end international brands enter the region. Aman, Waldorf Astoria and others are working on new projects.
Fasano founder Rogerio Fasano sold part of his business to JHSF in 2014, the Wall Street Journal previously reported. Last year, Fasano opened its first New York location, the private residential club Fasano Fifth Avenue overlooking Central Park.
Fasano first outpost of the United States It was originally planned to be built at the Shore Club Hotel in Miami Beach. But HFZ Capital Group, the owner of the historic property, ultimately canceled luxury condominium hotel in 2017 due to low sales.
Gale said JHSF and Fasano have been looking for a new location in Miami Beach for years. According to the Fasano website, Fasano has 11 hotels and 23 restaurants around the world.
The hotel broker said her team receives dozens of calls a week from shoppers looking for oceanfront hotels, even in August, which is usually the “worst time of the year.”
Vacation hotels, especially on the beach and near the water, have experienced a boom in business after a period of slowdown caused by stops in other parts of the country due to the pandemic.