The Real Deal Miami

Baywood sells Doral Holiday Inn Express for $16M

A company tied to Kentucky-based Schulte Hospitality Group was the buyer

June 11, 2015 11:15AM
By Katherine Kallergis

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Holiday Inn Express Doral

Holiday Inn Express Doral

A Louisville, Kentucky-based hospitality group picked up a Holiday Inn Express in Doral for $15.9 million, according to Miami-Dade County records.

Sunshine Hospitality, a Miami-based LLC tied to Baywood Hotels, sold the 103-key hotel to a limited partnership affiliated with Schulte Hospitality Group on June 1. It last traded for $6.4 million in 2008, property records show.

The four-story hotel, at 8346 Northwest 36th Street, was renovated in 2009, according to the website. It features 80 parking spaces, a swimming pool, business center, market, gym and breakfast bar. Out of the 103 rooms, 10 are suites, 45 have one bed, 42 have two beds, seven are disability and wheelchair friendly.

The buyer, Schulte Hospitality, owns and operates hotels across the U.S., such as Springhill Suites, Residence Inn, Courtyard and Sheraton.

The seller, a privately owned hotel management company, owns and operates more than $800 million in assets in the United States and India, according to its website, including brands such as Courtyard, Fairfield Inn & Suites, DoubleTree, Best Western and Holiday Inn, among others.

Amit N. Patel and Chris Desai are listed on the seller’s corporate records, and have been tied to other properties in South Florida, such as the recent $15.5 million sale of a development site in Brickell; the Homewood Suites in Brickell that is set to open in July; and the Keys Bay Colony Resort in the Florida Keys, which Peebles Corporation sold to Baywood for $10.5 million in March.

Baywood lists a Residence Inn in Doral, at 3450 Northwest 91st Avenue, under its developments that are coming soon.