Kastrati Group Acquires SLS Brickell Hotel For $55 Million In An Off-Market Cash Transaction

Brickell Miami, LLC, an affiliate of Constellation Hotel Holdings LTD, just sold the iconic SLS Brickell Hotel, a mixed-use hospitality development in the heart of Downtown Brickell, Miami located at 1300 S Miami Ave, in a $55 million in an off-market, cash transaction to an affiliate of the Albania based Kastrati Group. Miami based Broker Jordan Karp of Jordan Karp, LLC represented the Buyer in this off-market cash deal with the assistance of Disruptive Real Estate CEO Stefano Santoro. Jordan Karp also represented the Seller, Brickell Miami, LLC, an entity affiliated with Al Thanis, members of Qatar’s ruling royal family, in the deal. Sheikh Tamim bin Hamad Al Thani is the Emir of Qatar.

Situated on a premier corner lot, the 124 key Hotel and remaining 4,530 square foot ground floor Prime Restaurant/Retail space and associated hotel and restaurant FF&E within the 54-story mixed-use building was purchased by 1300 Brickell Miami, LLC, a Florida limited liability company, which is controlled by Kastrati Group, an Albanian privately-owned group of companies employing over 5000 people established in 1991 by Mr. Shefqet Kastrati and mainly recognized as the leading Albanian retail and wholesale trader of hydrocarbon products. Kastrati successfully operates in other industries, such as: insurance, construction, real estate development, infrastructure development, tourism, hospitality, automotive distribution, retail. After signing management contracts with Hyatt and Hilton in Albania, Kastrati Group purchased the first property in the United States and is looking to further expand its portfolio.

Charlie Ratner, Esq. of Miami Beach based Charles Ratner. P.A., whose grandfather built the iconic Clevelander Hotel in Miami Beach and whose uncle Nat Ratner brokered the original sale of nearby Fisher Island in the 1950’s, represented the Buyer as Real Estate counsel in the complex purchase.

Situated in the center of Brickell’s fast-paced urban environment, the SLS Brickell Hotel is surrounded by a plethora of high-rise condominiums, Class A office buildings, sophisticated retail, and dining options. As a thriving residential and commercial district, the bustling business hub is a magnet for high foot traffic and is recognized as the second-largest international banking hub in the country.

The Related Group and Dakota Development developed the SLS Brickell Miami property in 2016 and sold the SLS Brickell Hotel component in 2019 for $43 million. The asset boasts nearly 58,000 square feet of indoor and outdoor event space, two fully-built ground-floor restaurants, three bars/lounges, a rooftop pool terrace, two ballrooms, various meeting spaces, a fitness-center and the Ciel Spa. Designed by Philippe Starck and Arquitectonica, the hotel traded in this deal occupies the first nine floors of the SLS Tower, with common areas and 453 residential condominium units above. Fi’lia Restaurant currently occupies the 4,530 square-feet of ground floor retail which also traded in the current sale. Jordan Karp also arranged the recent off-market sale by Brickell Miami LLC to Black Lion’s Robert Rivani of the adjacent 7,182 square-foot commercial restaurant space in the project, formerly occupied by celebrity chef Jose Andres’ Bazaar Mar for $10 million in April 2023, and slated for a new restaurant concept.

In 2022, U.S. hotels saw approximately $44.9 billion of investment. Gross hotel revenue increased by 29% in Miami-Dade County in 2022, according to the Greater Miami Convention and Visitors Bureau. With record-high visitor growth and more than 17.1 million hotel room nights sold in 2022, SLS Brickell Hotel’s landmark transaction reinforces the region’s appeal to investors and strengthens its reputation as a premier destination for business and leisure travel.

Images via Disruptive Real Estate and Jordan Karp LLC

Robert Rivani's Black Lion Set To Bring Mexican-Based Entertainment Restaurant RosaNegra's First U.S. Location To SLS Brickell

Real estate investor and President of Black Lion, Robert Rivani, is set to bring the U.S. debut of internationally-recognized entertainment restaurant RosaNegra to Miami’s Brickell Financial District. The Mexico-based Grupo RosaNegra signed a 10-year lease with Rivani to occupy the coveted ground floor space at SLS Brickell. Fabio Faerman and Sebastian Faerman with FA Commercial represented both sides of the transaction.

“Bringing this legendary restaurant group to South Florida is right on brand with Black Lion’s grand vision to transform the way Miami does hospitality,” said Robert Rivani, President of Black Lion. “RosaNegra will add an incredible energy to the area’s social scene and elevate the luxury restaurant experience in Brickell.”

The SLS Brickell location will be RosaNegra’s flagship outpost in the U.S. and its sixth location worldwide. A tribute to Latin American cuisine and culture, RosaNegra breaks traditional patterns of formality by fusing gourmet culinary experiences with high-level entertainment and personalized attention.

RosaNegra will occupy 13,634-square-feet at the SLS Brickell on South Miami Avenue, around the corner from Bad Bunny’s Japanese-inspired restaurant Gekko at the SLS LUX Brickell condo building, the space of which is also owned by Rivani. Expected to open in Spring 2024, the restaurant will also feature 4,634-square-feet of outdoor space.

Passionate about incorporating high-quality products and the freshest ingredients into the restaurant’s eclectic menu, RosaNegra explores gastronomic traditions from Peru, Argentina, Colombia, Brazil and Mexico. Meticulously designed signature dishes are infused with authentic and daring flavors from around the globe, including Tasmanian smoked trout, Spanish carabineros, and Wagyu from Japan. Beautifully presented artisan cocktails are made using signature infusions and natural ingredients. The multi-sensory culinary experience is enhanced by a vibrant atmosphere with a mix of live music, a resident DJ and high-level entertainment, creating unforgettable moments.

The deal is the latest addition to Black Lion’s elite dining portfolio. Black Lion’s portfolio value exceeds over $200 million in acquisitions across South Florida with a noteworthy collection of high profile restaurant tenants, spread from Miami Beach to Wynwood, and from Brickell to Downtown. The collection includes Gekko in Brickell SLS LUX; Philippe by Philippe Chow anchoring One Ocean South Beach; Catch Miami Beach at the Continuum high-rise; Amara at Paraiso with chef Michael Schwartz; Wynwood Jungle with a newly opened Fable rooftop restaurant; GAIA on the ground floor of the Marea condo building; and Delilah at Brickell Bay boardwalk.

Images via Black Lion / RosaNegra

Related Group Sells SLS Brickell Hotel For $43 Million

The Related Group has sold the hotel component of SLS Brickell for $43 million to an entity managed by Francois Faber of Fiduciaire Fernand Faber, who has also signed an agreement with SBE for the continued management of the property. The 55-story development, which was completed by Related Group in 2016 and designed by Arquitectonica, features both a condo component with 450 condos and a hotel component which features 124 hotel rooms. The sale accounts to roughly $347,000 per key, with the rooms designed by Philippe Starck. The building also houses celebrity chef José Andres’ Bazaar Mar and Fi’lia by Michael Schwartz. Other amenities include a gym, spa, 10th floor pool deck, theater room and concierge services. The sale marks the second SBE managed hotel sale by Related Group this development cycle after it sold the Hyde Midtown hotel to Haim Yehezkel’s Midtown Hotel Investment LLC for $21.8 million in April 2018.