The Iconic Mayfair Hotel in Coconut Grove been purchased for over $40 million by Brookfield Asset Management, according to The Real Deal.

Completed in 1985, it was designed by architect Kenneth Treister, who also designed the nearby Office in the Grove and The Yacht Harbour Condo.

The hotel has 179 rooms with a rooftop pool, spa, fitness center and restaurant.

The Mayfair Hotel was last purchased for $27.6 million by Mayfair CLTG Holdings in 2014.