JLL arranges sale of SLS Brickell in Miami

MIAMI, Oct. 12, 2023 – JLL’s Hotels & Hospitality group announced on behalf of Constellation Hotels Holdings that the firm has arranged the sale of SLS Brickell, a 124-room luxury and lifestyle hotel located in Miami’s Brickell submarket for the second time.

The Kastrati Group acquired the hotel for $53.5 million and was represented by Jordan Karp and Disruptive Real Estate. The sale did not include the restaurant space formerly known as Bazaar Mar by Jose Andres, as JLL had sold it in a separate transaction to Black Lion Investment Group in Q1 of 2023.

Managing Director Andrew Dickey and Senior Vice President Maciej Polek led the JLL team on the transaction. This team also led the financing and sale of the SLS South Beach in 2015. The seller was also represented by Latham & Watkins in the disposition, led by Michelle Kelban, Global Co-Chair of the firm’s Real Estate Practice, and Aaron Friberg counsel in the firm’s San Diego office.

“This transaction was a great opportunity to work with the Constellation team again and to continue our global relationship,” said Dickey. “This asset was highly sought after with several bidders, which reflects the quality of the asset, its improving location within Brickell, and the long-term view of Miami’s growth.”

The SLS Brickell was developed by the Related Group, designed by Philippe Starck and Arquitectonica, opened in 2016 and is located within the SLS Tower, one of Brickell’s most successful mixed-use projects. Amenities include nearly 58,000 square feet of indoor and outdoor event space, an upscale three-meal restaurant, three bars and lounges, and an expansive rooftop pool and spa.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years and has sold/financed 60% of all hospitality transactions in the state of Florida since 2010. Our hotel valuation, brokerage, asset management, and consultancy services have helped more hotel investors, owners, and operators achieve high returns on their assets than any other real estate advisor in the world.JLL’s Hotels & Hospitality Group  

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