The Real Deal Miami

NY investors buy Sheraton Miami Airport for $42M

Dune Real Estate Partners also landed a $56M loan for the 405-room hotel

June 23, 2015 09:45AM
By Katherine Kallergis

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Sheraton Miami Airport Hotel and Executive Center

Sheraton Miami Airport Hotel and Executive Center

Thayer Lodging, a private hospitality investment company based in Annapolis, Maryland, sold the Sheraton Miami Airport Hotel and Executive Center for more than $104,000 per room, Miami-Dade County records show.

An affiliate of Dune Real Estate Partners paid $42.3 million for the 405-key hotel at 3900 Northwest 21st Street in Miami. Dune also obtained a $56.4 million mortgage for the property, according to county records. Deutsche Bank AG is the lender.

The 10-story hotel, built in 1976, sits on a 4.8-acre lot. The property last sold for $12.5 million in 2004, and before that for $29 million in 1997, according to property records. The Sheraton, which is located a quarter of a mile away from Miami International Airport, features a 2,400-square-foot fitness center, a pool overlooking the Miami River and golf course, two restaurants, a poolside bar, 17 meeting rooms, and a 4,000-square-foot ballroom.

Dune, a New York City-based real estate investment firm, includes the Standard High Line and the Mark Hotel and Residences, among other properties, in its portfolio. The company is also developing 56 Leonard, a planned 60-story, 145-unit residential building in Manhattan, according to Dune’s website.

In August, companies linked to the seller paid $535.5 million for the Westin Diplomat Resort & Spa in Hollywood.