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 from EAHG. Earlier this summer, the group purchased two hotels with extended stay options.
EAHG is a joint venture that was established in February between Electra America and AKA Hotel Residences.
Hotel AKA Brickell, part of the mixed-use Brickell Arch tower, offers 201 rooms and suites. Formerly the Conrad Miami, EAHG rebranded the property immediately after acquisition. It offers a mix of short and long stay options. AKA will introduce its core residential philosophies to Hotel AKA Brickell, while adding new F+B concepts, a wellness program and more, including updates to amenity spaces throughout the next six months. Current amenities include 24-hour concierge services, a luxurious spa, an outdoor pool with cabanas and sky bar, Technogym fitness centre, extensive event space, including a ballroom space and business centre for remote working with private meeting rooms as well as a restaurant. The hotel was originally designed by architecture firm, Kohn Pederson Fox
“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.”
Korman added: “This expansion comes at an opportune time as Miami is experiencing an influx of individuals relocating and travellers alike who are looking for an evolved hotel experience that feels more liveable than your traditional hotel accommodation.”
