Reuben Brothers, a private equity real estate investment and development company, acquired the W South Beach on Miami Beach from owners Tricap and RFR in a deal for more than $400 million.
The property has about 340 total hotel and condo units.
Tricap bought the hotel, then branded as a Holiday Inn, in 2004 for approximately $75 million and renovated it to open as the W South Beach in 2009, according to Tricap.
The Marriott-managed hotel recently completed a $6 million renovation of its ballroom and meeting space.
This deal adds to Reuben Brothers' portfolio of Miami-area properties. They bought the 53-room Chesterfield Hotel in Palm Beach, Florida, in 2022 for $42 million and own a stake in the JW Marriott Miami Turnberry Resort & Spa in Aventura, Florida. The company renamed the Chesterfield property to The Vineta Hotel Palm Beach, which is set to open in 2025 after a renovation. That hotel will be managed as part of the Oetker Collection, a Germany-based luxury hotel collection that also includes The Lanesborough in London and Le Bristol Paris.
"Our vision is clear: to secure [the W South Beach's] standing as Miami's leading global destination, while reimagining its future and delivering an unparalleled luxury experience," Jamie Reuben, principal at Reuben Brothers, said in a news release.
The company's Virgin Hotels London-Shoreditch property reopened on Aug. 1 after being acquired as the Mondrian Shoreditch London for $119.29 million in 2018.
Reuben Brothers and Three Rules Capital this summer laid out plans for a $2.6 billion luxury master-planned community in Puerto Rico, named Esencia. The company says the project is slated to have five luxury hotels from brands such as Mandarin Oriental Hotel Group, Rosewood Hotels & Resorts and Aman Group, but everything is still in planning stages.
Miami is home to another of 2024's biggest hotel transactions to date: In January, Gencom acquired The Ritz-Carlton Key Biscayne, Miami for $400 million, or $1.4 million per room, from Brookfield Hotel Properties .