Mohari Hospitality becomes strategic partner and investor in planned Waldorf Astoria Hotel Miami
Mohari Hospitality announced today that it has become a strategic partner and investor in the planned Waldorf Astoria Hotel development in Miami, Florida.
The iconic property, a mixed-used tower currently in planning, will be located at 300 Biscayne Boulevard in Downtown Miami and will include a market leading luxury hotel of approximately 200 rooms and suites, branded private residences, retail and several culinary destinations.
The project is being developed by New York-based developer PMG and Toronto-based private equity firm Greybrook Realty Partners. Management agreements have been entered into with global hospitality company Hilton (NYSE: HLT) to manage the property under its iconic luxury hotel brand, Waldorf Astoria. Carlos Ott and Sieger Suárez are responsible for the conceptual and architectural design. Interior design and interior architecture of the hotel and residential components will be created by BAMO and Antrobus Ramirez.
This partnership marks the sixth major investment for Mohari Hospitality, the fourth strategic partnership with leading luxury hotel operators (Four Seasons, Ritz-Carlton, SH Group and Waldorf Astoria) and the first investment into the United States.
Cris Broderick of Mohari Hospitality said:
“Mohari is excited to be investing in this landmark project in Miami with trusted and capable partners PMG and Greybrook Realty Partners. Like all our investments, we will use our expertise and focus on luxury hospitality to provide value with our partners to create an innovative and market leading project in Downtown Miami. This development has the potential to redefine not only the Miami skyline, but luxury hospitality in one of the most rapidly evolving and exciting cities in the world. Mohari now has six significant hospitality investments around the world and alliances with four leading luxury hotel operators, demonstrating our role as a significant and trusted partner in the luxury hospitality market.”
Including this latest investment, Mohari Hospitality has invested more than $750 million in luxury hospitality projects since its inception in 2017 and continues to look for more projects that align with its investment strategy.
“We are thrilled to have Mohari join as a strategic partner to bring the first Waldorf Astoria to Miami,” said Dino Michael, global brand head, Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts. “Waldorf Astoria Miami will not only transform the city skyline, it will usher in a new level of service in the Miami market – creating an unforgettable experience for every resident and guest.”
About Mohari Hospitality
Mohari Hospitality, founded in 2017 by entrepreneurial investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, with emphasis on luxury hospitality in prime urban and resort markets. Mohari’s existing investments include Peninsula Papagayo, a 2,200-acre sustainable master development, located in Costa Rica’s Guanacaste province and anchored by a Four Seasons luxury resort; Centro Canalejas, a group of seven adjoining historical buildings in the center of Madrid, currently undergoing a major redevelopment to include the first Four Seasons branded hotel in Spain; The Ritz-Carlton Yacht Collection, a new ultra-luxury cruise line launching in 2020 and the 1 Hotel Toronto, currently under redevelopment as a luxury lifestyle hotel and the brand’s first hotel in Canada. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it does business.
More information can be found at www.moharihospitality.com.
Founded in 1991 and led by Managing Partners Kevin Maloney, Ryan Shear and Dan Kaplan, PMG is a national real estate development firm with offices in Miami and Manhattan, specializing in exceptional new construction commercial and residential projects. PMG has led the acquisition, financing, development, construction, and marketing for more than 85 residential buildings and over 150 real estate projects. Their energetic team is relentlessly dedicated to making bold improvements to skylines and streetscapes.
During its 28-year history, PMG has developed projects across all asset types and distinguished itself by focusing on premier luxury residential properties. Known for meticulous design and construction, notable completed PMG projects include Walker Tower, Stella Tower, The Belnord, The Briarcliffe, The Kingsley, Mei Miami Beach, 10 Sullivan, Queens Plaza South, Echo Aventura, Echo Brickell, X Miami, and Muse Sunny Isles. Currently, PMG is in various stages of developing over 5 million square feet of residential properties, including Queens Plaza Park, 111 Leroy Street, 111 W 57th Street, Waldorf Astoria Hotel & Residences in Downtown Miami and numerous others throughout New York City and South Florida.
For more information, visit: http://propertymg.com/.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based private equity firm that invests in real estate development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners, through its affiliates, have invested in over $1 billion of equity in more than 70 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 35 million square feet of residential and commercial density, with an estimated completion value of $15 billion.
For more information, visit: https://realty.greybrook.com/
About Waldorf Astoria Hotels & Resorts
Waldorf Astoria Hotels & Resorts is a portfolio of 30 iconic properties that creates a unique sense of place with a relentless commitment to personal service and culinary expertise in landmark locations around the world. Unified by their inspirational environments and True Waldorf Service, Waldorf Astoria hotels deliver graceful service from the moment a guest books through checkout. In addition to the brand’s renowned hotel offerings, Waldorf Astoria boasts a best-in-class residential portfolio, including 18 properties either open or in development, that provide the comfort of a private home combined with the unsurpassed amenities and legendary service of Waldorf Astoria. Waldorf Astoria is a part of Hilton, a leading global hospitality company. Experience Waldorf Astoria by booking at www.waldorfastoria.com or through the Hilton Honors mobile app. Learn about the brand by visiting newsroom.hilton.com/waldorfastoria, and follow Waldorf Astoria on Twitter, Instagram, and Facebook.