US: The JV Electra America Hospitality Group (EAHG) has purchased the Conrad Miami hotel and has rebranded the property to Hotel AKA Brickell.
The acquisition marks the third hotel purchase this year, following The Roger in June and The Alexandria in July. EAHG was established in February and is a joint venture between Electra America and AKA Hotel Residences.
Hotel AKA Brickell, part of the mixed-use Brickell Arch tower, starts on the twenty-fifth floor and offers 201 guest rooms and suites, an 11-storey atrium, restaurant, fitness and spa facilities, and multiple meeting spaces.
Formerly the Conrad Miami, EAHG has rebranded the property immediately after acquisition. It offers a mix of short term and long term stay options, and will undergo gradual design enhancements from now until spring 2022
“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.”
Ross Urban, CEO of EAHG, said: “In our initial six months, EAHG has been extremely active and all right down the fairway of our business plan. 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 neighbourhoods. 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.”