The British brothers David and Simon Reuben have made a historic purchase by acquiring the luxury hotel W South Beach for $400 million. This transaction marks Reuben Brothers’ second significant investment in Florida, solidifying their presence in the region’s hospitality sector.
Details of the Purchase
The W South Beach, sold by Tricap and RFR, features 348 units that include both hotel rooms and condominiums. The new owners plan to renovate the property to strengthen its position in Miami and provide a luxury experience for guests. Reuben Brothers’ vision is clear: they want the W South Beach to become a prominent global destination.
Previous Investments
In 2022, Reuben Brothers acquired the Chesterfield Hotel in Palm Beach for $42 million. This establishment is set to reopen in early 2025 under the Oetker Collection brand. Additionally, the brothers hold a minority stake in the JW Marriott Miami Turnberry Resort & Spa and have reopened The Surrey in Manhattan.
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Context of the Hospitality Market
The purchase of the W South Beach represents one of the largest transactions in the hospitality industry this year. This deal surpasses Larry Ellison’s acquisition of the Eau Palm Beach Resort for $277 million. The acquisition also occurs in a context where RFR Holding is facing financial difficulties due to its heavy investment in office buildings.
Economic impact
The purchase of the W South Beach not only benefits the new owners but also has significant implications for the local economy. The renovation and enhancement of the hotel will generate jobs and attract more tourists to Miami, further boosting the tourism sector.
With this acquisition, Reuben Brothers reinforces their commitment to Florida’s hospitality market and demonstrates their ability to transform properties into luxury destinations. The investment in the W South Beach is a strategic move that promises to enhance Miami’s tourism offerings and contribute to regional economic growth.
