Key Takeaways
- • Elliott Investment Management, led by billionaire Paul Singer, and Lifestyle Hospitality Capital Group acquired the Mayfair House Hotel & Garden in Miami's Coconut Grove for $69.4 million from Brookfield Asset Management, assuming and increasing debt to $79 million.
- • The transaction represents a 49 percent appreciation on Brookfield's 2019 acquisition price of $46.8 million, demonstrating strong seven-year value growth in Miami's hospitality market.
- • The deal values the property at approximately $1,000 per square foot of land and $387,700 per guest room, with total transaction value potentially exceeding the recorded sale price when personal property, equipment, and management agreements are included.
- • Elliott and LHCG continue expanding their South Florida hotel portfolio, having acquired the Gates Hotel South Beach for $53 million in 2024, signaling sustained institutional capital allocation to Miami's hospitality sector.
- • The 179-room, five-story property built in 1982 represents Elliott's broader Miami real estate strategy, following the hedge fund's $443 million acquisition of the 701 Brickell office tower in 2023.
Summary
Elliott Investment Management and Lifestyle Hospitality Capital Group have closed a $69.4 million acquisition of the Mayfair House Hotel & Garden, a 179-room boutique property located at 3000 Florida Avenue in Miami's Coconut Grove neighborhood. The joint venture purchased the asset from Brookfield Asset Management, assuming the seller's $41 million mortgage from Acore Capital and refinancing the property at $79 million—a capital structure that suggests total transaction value exceeding the recorded purchase price once ancillary assets are factored in.
The deal reflects meaningful appreciation in the Miami hospitality market. Brookfield acquired the same property in 2019 for $46.8 million, meaning the latest sale price represents approximately 49 percent value growth over seven years. Per-unit economics show the acquisition carries a valuation of roughly $387,700 per guest room and $1,000 per square foot of land. The five-story property, originally developed in 1982, features 179 guestrooms with private balconies, 22 connecting rooms, and 31 suites.
The transaction underscores Elliott's sustained commitment to Miami real estate. The hedge fund, alongside LHCG and other capital partners, deployed significant institutional capital in the region's commercial and hospitality segments throughout 2023 and 2024. In 2024, Elliott and LHCG acquired the Gates Hotel South Beach in Miami Beach from Boston-based Rockpoint for $53 million. Separately, Elliott and Boca Raton-based Morning Calm Management purchased the 701 Brickell office tower—a 33-story asset—for $443 million from New York-based Nuveen Real Estate in 2023.
Hotel acquisitions of this type typically bundle tangible and intangible assets beyond real property, including furniture, fixtures and equipment, brand licensing agreements, and management contracts. The elevated debt assumption relative to purchase price is consistent with this transaction structure and suggests the firms have secured favorable leverage terms in the current lending environment.
The deal reflects meaningful appreciation in the Miami hospitality market. Brookfield acquired the same property in 2019 for $46.8 million, meaning the latest sale price represents approximately 49 percent value growth over seven years. Per-unit economics show the acquisition carries a valuation of roughly $387,700 per guest room and $1,000 per square foot of land. The five-story property, originally developed in 1982, features 179 guestrooms with private balconies, 22 connecting rooms, and 31 suites.
The transaction underscores Elliott's sustained commitment to Miami real estate. The hedge fund, alongside LHCG and other capital partners, deployed significant institutional capital in the region's commercial and hospitality segments throughout 2023 and 2024. In 2024, Elliott and LHCG acquired the Gates Hotel South Beach in Miami Beach from Boston-based Rockpoint for $53 million. Separately, Elliott and Boca Raton-based Morning Calm Management purchased the 701 Brickell office tower—a 33-story asset—for $443 million from New York-based Nuveen Real Estate in 2023.
Hotel acquisitions of this type typically bundle tangible and intangible assets beyond real property, including furniture, fixtures and equipment, brand licensing agreements, and management contracts. The elevated debt assumption relative to purchase price is consistent with this transaction structure and suggests the firms have secured favorable leverage terms in the current lending environment.
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