“This transaction reflects our ability to play offense in today’s market and is a terrific opportunity for our investors. We continue to have strong conviction in leisure hospitality and travel and intend to expand our footprint in this sector,” a Blackstone spokesperson said in a statement.

The deal included another $55 million for hotel operations, according to reporting by Bisnow. Representatives for Related did not immediately respond to requests for comment.

Related bought the 567,524-square-foot hotel for $90 million in 2014, five years after its completion. In 2015, the developer embarked on a $55 million renovation, and secured a $140 million refinancing loan from KKR Real Estate Finance in 2018. That same year, it put the establishment on the market for $275 million, according to The Real Deal. 

Since the pandemic, the South Florida hotel market has remained active. Last year, Trinity Investments and Credit Suisse Asset Management bought the Diplomat Beach Resort, a 1,000-room oceanfront resort in Hollywood, for $835 million — making it South Florida largest hotel sale ever.

On a smaller scale, Blackstone sold three Marriott-branded hotels in Broward County for a combined $64 million, also in 2023. 

Update: The story was amended to include a statement from Blackstone and a mention of the $55 million for the hotel’s operations.

Julia Echikson can be reached at jechikson@commercialobserver.com.