Two of Coconut Grove's three luxury hotels have changed hands within the past seven months, concentrating new institutional capital in the neighborhood's hospitality sector as the FIFA World Cup approaches Miami.
On June 16, entities affiliated with billionaire Paul Singer's Elliott Investment Management and London-based Lifestyle Hospitality Capital Group acquired the Mayfair House Hotel & Garden at 3000 Florida Ave. for approximately $110 million, according to Coconut Grove Magazine. The five-story, 179-room property had last sold in 2019 for $46.8 million. Elliott, which manages more than $128 billion in assets, relocated its headquarters from New York to West Palm Beach during the pandemic. HEI Hotels & Resorts was named manager of the Mayfair House on November 12, 2025; whether HEI continues under Elliott's ownership has not been announced.
In December 2025, Gencom reacquired a majority interest in the 115-room Ritz-Carlton Coconut Grove, financed by Banco Inbursa, according to the Daily Lodging Report. Gencom originally bought the hotel in 2011 and sold a majority stake to Hersha Hospitality Trust in 2017.
The third Grove luxury property, Mr. C Miami Coconut Grove, has not reported an ownership change.
All three hotels were promoted as World Cup 2026 accommodation options by the Coconut Grove Business Improvement District.
A parallel conversion in Miami Beach
The same week as the Waldorf Astoria announcement, a separate but parallel luxury repositioning was unfolding 10 miles north. On Monday, July 7, Hilton and London-based Reuben Brothers announced the W South Beach at 2201 Collins Ave. will close Tuesday, August 19, and reopen in winter 2027 as the Waldorf Astoria Miami Beach.
The closure will displace 337 workers. Marriott will cease managing the 20-story oceanfront property after Wednesday, August 20. The layoffs were disclosed in a WARN Act notice, which requires employers with 100 or more workers to give 60 days' advance notice before mass layoffs.
Reuben Brothers acquired the property for $425 million in late 2024. The resort had 175 hotel rooms and 173 private condos.
Danny Hughes, Hilton's Americas president, said in the July 7 announcement that "Miami Beach is a globally renowned locale with strong demand for elevated hospitality, and we are proud to partner with Reuben Brothers to introduce Waldorf Astoria in a way that both celebrates the city's character and sets a new benchmark for modern luxury."
A Reuben Brothers spokesperson said the company is working with Hilton to explore opportunities for team members to return once the renovated hotel opens.
The Miami Beach Historic Preservation Board voted Tuesday, April 14, to approve a certificate of appropriateness for the renovation but did not approve a proposed private members club or a partial wall demolition. Reuben Brothers must return to the board on those items and still needs Miami Beach Planning Board approval.
The planned Waldorf Astoria will feature 348 refreshed suites with ocean views and balconies, a redesigned 48,000-square-foot pool deck, and a new food and beverage program.
What's next
No renovation timeline, brand change, or public hearing dates have been announced for the Mayfair House under its new ownership. The Waldorf Astoria Miami Beach is targeting a winter 2027 opening.
