One of the top-rated restaurants in Miami just completed a sale and leaseback agreement with a European hotel company, according to Biz Journals.

Restaurant founder and owner Steven Perricone sold his Perricone’s Marketplace & Cafe on Brickell through the company he heads, Marketplace Investment Group. A local subsidiary of Netherlands-based citizenM Hotels purchased the 10,965-square-foot site (which includes the 4,447-square-restaurant) for $16.18 million. As part of the deal, Perricone signed a multi-year lease to ensure his restaurant stays on the property.

Located at 15 SE 10th St. in Brickell, Perricone’s Marketplace & Cafe is a popular spot known for its Italian fare, on-site gourmet grocery, and outdoor dining space.

Perricone told Biz Journals that the restaurant’s success is due to its mix of dining, catering, and the specialty food market. “We will carry those experiences forward,” he said. “Business as usual.”

Still, there will be a pause in service as citizenM moves forward in its plans for the space. Biz Journals also reported that if the sale leads to a new hotel — a likely option that’s already in the design phase — the restaurant would be required to close until construction wraps.

CitizenM approached Perricone in hopes of securing a hotel space on the property, noting its proximity to Mary Brickell Village, a park, and the Metromover. Though Perricone’s property was not originally for sale, broker Larry Stockton of Colliers International represented both sides during the deal as negotiations firmed up. The new hotel will “preserve the historical significance of Perricone’s and include the restaurant in the new building,” Stockton told Biz Journals.

Perricone said the sale allows him “to ensure the future of Perricone’s and, at the same time, secure the financial future of my family.” 

The citizenM hotel chain focuses on younger, often international clientele. Currently, their only United States hotel is in New York City, with others across Europe in locales like London, Paris, Amsterdam, and Glasgow.