Swire Buys Remaining Stake in Miami’s Mandarin Oriental Hotel

Swire Properties bought out the Mandarin Oriental hotel on Miami’s Brickell Key, where it’s planning to build a condo and luxury hotel development.

In June, the developer purchased the remaining 25 percent stake in the 326-room property for $37 million from Mandarin Oriental Hotel Group, according to a report released to investors last week. The deal makes Swire Properties the sole owner of the 2.7-acre establishment.

The existing 20-story hotel closed in May and is scheduled to be demolished in early 2026 to make way for The Residences at Mandarin Oriental, Miami. The development is set to include two towers, one housing 228 condos — half of which have generated $1 billion in pre-sales, per Swire. The other building is set to feature 121 hotel rooms and more condos.

“Despite recent market uncertainty, the outlook for the residential market remains robust, thanks to Florida’s attractive climate, favorable tax regime and its role as a gateway city to and from Latin America,” per Swire’s report.  

Swire has been offloading properties in nearby Brickell to raise proceeds for the upcoming development. Starting in May, it sold a 2.8-acre development site next to Brickell City Centre for $211 million after failing to launch an 80-story office development with Related Companies.

In June, Simon Property Group purchased the remaining 75 percent stake of the mall at the mixed-use Brickell City Centre for $512 million from Swire. This month, Swire also sold a vacant, one-acre parcel that abuts Brickell City Centre for $45 million to a Dubai-based hospitality operator.

A representative for Swire did not immediately respond to a request for comment.

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