The Real Deal Miami

Marriott-branded hotel in Miami Lakes sells for $9.2M

Property has been owned by four REITS in the past

September 24, 2015 09:45AM
By Sean Stewart-Muniz

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The TownePlace Suites hotel at 8079 Northwest 154th Street in Miami Lakes

The TownePlace Suites hotel at 8079 Northwest 154th Street in Miami Lakes

A Marriott-branded hotel in Miami Lakes, once lost to foreclosure, has sold for $9.2 million, county records show. 

The hotel, at 8079 Northwest 154st Street, is part of Marriott’s TownePlace Suites’ chain of extended-stay hotels, which typically boast rooms with full-size kitchens and up to two bedrooms.

It was sold by U.S. Bank, which had repossessed the property after the previous owners lost a foreclosure judgment. The buyer is an LLC named Corporacion Hotelera Palma, headed by a pair of investors: Ernesto Palma and Ricardo Valdes, according to Miami-Dade County records.

The property is split into two three-story buildings with a total of 94 rooms. The hotel was developed in 1999 by RFS Hotel Investors, a Tennessee-based REIT that was later acquired by CNL Hospitality Properties, an Orlando-based REIT, in a deal valued at more than $700 million.

In 2005, two years after the merger, CNL sold the hotel for $7.4 million to an affiliate of the Ashford Hospitality Trust, a Texas-based REIT. In 2007, Ashford sold the TownePlace Suites for $10 million to a collection of Miami-based LLCs including an affiliate of the Moody National Companies, which had a small stake in the property. Four years later, the group turned over the property to U.S. Bank as part of a joint stipulation to resolve a foreclosure suit.