Mandarin Oriental Miami Acquisition: Swire Properties Takes Full Ownership for Luxury Redevelopment

Swire Properties now owns 100% of the Mandarin Oriental Miami, advancing plans for a major luxury redevelopment on Brickell Key.

In June, the Hong Kong–based developer purchased the remaining 25 percent stake in the 326-room hotel for $37 million. The seller was Mandarin Oriental Hotel Group, according to an investor report released last week. As a result, Swire now controls the entire 2.7-acre property.

The project, branded The Residences at Mandarin Oriental, Miami, will feature two striking towers. One will have 228 luxury condominiums, half of which have already produced $1 billion in pre-sales. The second will offer 121 hotel rooms along with more high-end residences.

According to Swire, “Despite recent market uncertainty, the residential market remains strong thanks to Florida’s climate, tax policies, and gateway role to Latin America.”

To raise capital for the project, Swire has sold several nearby assets. In May, it sold a 2.8-acre site next to Brickell City Centre for $211 million. This followed the cancellation of an 80-story office tower with Related Companies. Meanwhile, Simon Property Group purchased Swire’s 75 percent stake in the Brickell City Centre mall for $512 million. More recently, a vacant one-acre parcel next to the mall sold to a Dubai-based hospitality group for $45 million.

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