A real estate investment trust has acquired the elite Viceroy Miami hotel for $36.5 million.
New owners Pebblebrook Hotel Trust have agreed that the Viceroy Hotel Group will continue to manage the 148-room complex, which is based on the “Wall Street of the South” – Brickell Avenue.
The hotel is located in one of the three skyscrapers which make up the Icon Brickell complex, overlooking the city skyline, Miami River and Biscayne Bay.
The area is home to a large concentration of international and financial institutions and as a result has developed into Miami’s high-end business district over the last few years.
It is home to some of the area’s most prominent restaurants, hotels, shops boasting elite fashions and luxury brands and top restaurants.
Miami itself now attracts some 38 million visitors a year from around the world
Jon Bortz, chairman and chief executive officer of Pebblebrook Hotel Trust, said: “We are pleased to be acquiring the Viceroy Miami at an extremely attractive price and furthering the geographic diversification of our growing portfolio.
“Miami has historically performed very well in recovery cycles and the distinctive quality and location of the Viceroy Miami creates a very strong investment opportunity for our company.”
