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The Four Seasons Hotel Miami got a new owner, and they have plans to upgrade. Fort Hospitality Group recently bought the 70-story tower for $130 million. The hotel in Miami’s financial center features 221 rooms. In total, the sale equates to around $588,000 per room. The new owner now owns all the Four seasons buildings in South Florida.
Besides being home to the Four Seasons, the building in Brickell is also a mixed-use tower that features office and retail space, residential condos, an Equinox gym, and a parking garage. The new owners plan to renovate the hotel. Some of the upgrades include modernizing the rooms, pool, lobby, and amping the hotel’s food and drink options.
The sale of the Four Seasons Hotel Miami represents recovery within the industry as hotel sales had nearly halted during the pandemic. Recently, other hotels also got new owners. For examples, Pebblebrook Hotel Trust recently acquired the Margaritaville Hollywood Beach resort for $270 million. Furthermore, Stormont Hospitality and Black Salomon purchased a hotel in Miami Beach for $25.5 million.
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