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Hotel sales still hot: Days Inn near Miami International Airport trades for $18M
Wellesley Hills, Massachusetts-based Global Vision Hotels acquired 103-key property
A Massachusetts-based hotelier picked up a Days Inn by Wyndham near Miami International Airport for $17.7 million, amid a rash of year-end hotel sales.
An affiliate of Global Vision Hotels, a hospitality-focused real estate investment firm in Wellesley Hills, Massachusetts, picked up the 103-room property at 7250 Northwest 11th Street, records show. The deal breaks down to $171,844 per key.
Global Vision partially financed the purchase with a $10 million mortgage from U.S. Century Bank.
The seller, an entity managed by Allan and Barry Cohen in Miami, paid $550,000 in 1974 for the four-story hotel completed in 1973, records show.
Global Vision, led by President Guatam Sharma, owns seven hotels with a combined 687 rooms in Massachusetts, Minnesota and Indiana, according to the firm’s website.
A handful of hotel trades in December had South Florida’s hospitality market sizzling. In West Palm Beach, Miami-based Activate Hospitality paid $23.8 million for a Holiday Inn at 1301 Belvedere Road and an adjacent development site, in a bankruptcy sale. Activate plans to renovate and rebrand the 199-key hotel into the Delta by Marriott West Palm Beach. The buyer does not have formal plans for the development site yet.
In another West Palm Beach hotel deal, a Marriott-branded property sold for $20.5 million. Midwest Hospitality Group, also known as MHG Hotels, acquired the 103-room hotel on 2.5 acres at 1800 Centrepark Drive East. The buyer also obtained a $17.5 million mortgage from Abanca USA.
Also last month, Chicago-based real estate investor George Nediyakalayil paid $29 million for Even Hotel Miami – Airport, a 190-room property at 2499 Northwest 25th Street in Miami. State Bank of Texas provided Nediyakalayil with an $18.6 million loan to partially finance the purchase.
In Plantation, a Michigan-based joint venture acquired a La Quinta Inn & Suites By Wyndham. Thrive Hospitality Group and Mid America Lodging Group paid $14.5 million for the 104-key hotel at 7901 Southwest Sixth Street.