fbpx

Qatar’s Al Thani Family Sells SLS Brickell Hotel for $55M to Albanian Conglomerate Kastrati Group

The SLS Brickell hotel in Miami has been sold for $55 million by members of Qatar’s ruling royal family, the Al Thanis, to the Albanian conglomerate Kastrati Group. The transaction was facilitated by Miami attorney Charles Ratner, who serves as the president of the entity representing Kastrati.

Located at 1300 South Miami Avenue in Miami’s Brickell neighborhood, the 124-key hotel was acquired at an approximate rate of $444,000 per room. The deal was brokered by Miami-based Jordan Karp, who represented both the Al Thanis and Kastrati, with assistance from Stefano Santoro of Disruptive Real Estate on the buyer’s side. The brokers involved have chosen not to disclose the buyer’s identity.

This purchase marks Kastrati Group’s inaugural venture in the U.S. The Albanian company, led by Shefqet Kastrati, has diversified interests spanning oil and fuel, insurance, construction, infrastructure, and more.

Charles Ratner, known for representing high-profile clients in the Miami area, including real estate investor and former Miami Beach Mayor Philip Levine, as well as Lion Development Group‘s Michael Simkins, facilitated the deal.

In 2018, an entity affiliated with the Al Thanis acquired the SLS Brickell hotel for $43 million from the project’s developer, the Related Group. Sheikh Tamim bin Hamad Al Thani is the Emir of Qatar.

The 54-story mixed-use tower, designed by French architect Philippe Starck in collaboration with Miami-based Arquitectonica, was completed by Related in 2016. The hotel component includes 58,000 square feet of indoor and outdoor event space, two ground-floor restaurants, three bars and lounges, a rooftop pool terrace, and two ballrooms. The property is managed by Accor Hotels, a leading French hospitality company.

Earlier this year, Karp also handled the sale of an SLS Brickell restaurant space on behalf of the Al Thanis. The commercial unit, once home to celebrity chef Jose Andres’ Bazaar Mar, was acquired by Robert Rivani’s Black Lion Investment Group for $10 million.

Additionally, Related, in partnership with the Allen Morris Company, developed the nearby SLS Lux Brickell Hotel & Residences condo-hotel at 805 South Miami Avenue.

In another notable South Florida hotel transaction this month, Michigan-based hoteliers Malik Abdulnoor and Sahir Malki acquired the Hampton Inn Fort Lauderdale/Plantation for $21 million. This 128-key hotel in Fort Lauderdale was acquired at a rate of $327 per room. In March, Abdulnoor and Malki also purchased a Marriott-branded hotel with 110 rooms in Coral Springs for $17 million.

Lastly, in July, the New York-based Nakash family, in collaboration with partner Michael Palmer, acquired the five-story Beacon South Beach Hotel in Miami Beach for $23.5 million, amounting to $294,000 per room.

LEAVE A REPLY

Please enter your name here
Please enter your comment!

Property Deals

South Beach NNN Leaseback Investment Hospital 538 Meridian Ave Miami Beach, FL 33139

Contract Details Term: 5 years remaining Annual Increase: 3.5% Extensions: Not applicable Guarantor: CVC Corp, one of Latin America's largest travel groups, operating in...

SUNNY GROVE APARTMENTS 1440 SW 42nd Ave Miami, FL 33134

Fausto Commercial Realty is proud to present the Sunny Grove Apartments, located at 1440 SW 42nd Avenue, Coral Gables, FL. This premier multifamily property...

Flagler Street Retail Center 4735 W Flagler St Coral Gables, FL 33134

Investment Highlights: Prime Redevelopment Potential: Positioned under the Live Local Act, the property at 4731-4747 W Flagler Street offers an ideal redevelopment opportunity in...

More Posts