Viceroy Sells for $65M – Becomes The W Miami

W Miami

Looks like Brickell has gotten itself another brand name hotel, A “W Miami” to be exact.

As of last week, The hotel formerly known as The Viceroy Miami has exchanged hands after selling for $64.5 million to Qatar’s Al Rayyan Tourism Investment Company (ARCTIC). As per The Real Deal’s original story, the hotel, which is part of Icon Brickell’s  building development, will become the newest addition to the Starwood Hotels & Resorts hotel lineup in the area. Other hotels include the W South Beach and a W Resort in  Broward County’s Fort Lauderdale Beach. With a total of 148 rooms, the deal for the W Miami breaks down to $436,000 per unit.

Major hoteliers are expanding their presence into Miami as the city continues to evolve. This acquisition solidifies Starwood’s push to grow its W Hotel brand worldwide, which caters primarily to a younger, jet setter crowd. As per the company report, their goal for the brand is to have a total of 75 W Hotels operating around the globe by 2020.

From a location and amenity point of view, it’s easy to see the appeal to have a W Miami in Brickell.

The tower, located at 485 Brickell Ave, is steps away from the Miami River and dozens of dining and entertainment options. It features a 28,000-square-foot spa and fitness center, a restaurant on the 15th floor and FIFTY lounge on the 50th floor, one of the most renowned rooftop spots in the city. The 2 acre amenity deck and its pool, as faulty as it’s reported to be at the present time, has been the site of countless parties that are almost an iconic (no pun intended) homage to the glamour and fun of living in Miami.

W Miami Hotel
The Icon pool is still a question mark for many. If solved, it has the makings of a powerhouse locale

 

A major focal point of this story continues to be the pool situation, and the fact that the sale has occurred while Icon is undergoing issues on the situation. With the pool set to close and its issues allegedly set to take approximately 14 months to be fixed, I can only speculate rather than confirm if part of the agreement involved the assumption of the work that allegedly needs to be done. I also couldn’t help but notice that the pool has stayed open during the times in which I’ve showed units in the complex.

As part of the “W” brand, renovations into the W Miami have already been published. Some of these include the creation of a “W Living Room” on the hotel’s 15th floor, a makeover of the 50th floor rooftop into a cocktail lounge, as well as the standard installations on each hotel suite to match the brands’ standards. Perhaps, a renovation of the pool is also set to take place.

The Viceroy, as of the time writing this post, had a 5 star rating on Booking.com and continuously ranked over the years as one of the prime hotels in Miami. Time will only tell on how this move will turn out but if Starwood manages to resolve the troubles happening in the development, over time it could turn out to be one of its best locations. Based on what I’ve noticed from my end, a lot of negativity has hovered around the Icon for most of 2016 to the extent where some of my clients have asked me to not to show them units there. A move such as this one may be just what’s needed to clear the air.

More than a dozen listings on the MLS still have the property listed under Viceroy but I expect they will start changing soon. A Facebook page for the hotel has also officially been posted on Facebook. As usual, I’ll keep everyone posted on how this continues to unfold. On a personal note, The “W Miami” has a robust ring to it, and mistakes can always be fixed, no matter how wet or leaky they may be.

As usual, I can’t finish a story with a little shout out to our real estate practice!

If you would like to buy or sell real estate in Brickell, contact us today at 305-305-3885 or send us a message here .We specialize in the Brickell real estate market and our knowledge in the area has already helped dozens of others achieve their real estate goals. Thanks for reading The Miami Observer!

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