The Real Deal Miami

Miami Airport Marriott complex trades hands, lands $99M loan

Borrowers are tied to NorthStar Realty Finance, a NY-based REIT
By Katherine Kallergis | July 31, 2015 09:45AM

Marriott Miami Airport and a map of the Marriott campus

The new owner and operator of three Marriott hotels in Miami has taken out a $98.5 million mortgage, according to Miami-Dade County records.

An affiliate of NorthStar Realty Finance was assigned the ground lease for the Miami Airport Marriott, Courtyard Marriott and Residence Inn Miami Airport, all at 1201 Northwest 42nd Avenue. Thayer Lodging previously had the lease.

Bank of America is the lender for the loan, which was granted to NorthStar affiliates MC Owner T and MC OPS-T.

The hotels total 545,220 square feet and are on a 15.3-acre lot, according to county property records. The property was developed in 1971, with additions in 1979, 1982 and 2009. It’s less than two miles away from Miami International Airport.

The borrowers are tied to NorthStar Realty Finance, a publicly traded real estate investment trust based in New York.

The six-story Residence Inn, an extended-stay, includes 163 rooms and 650 square feet meeting of meeting space. All rooms include a kitchenette.

The Marriott spans nine floors, including three concierge levels, 16 meeting rooms totaling 16,000 square feet, 362 rooms and five suites. At the 10-story Courtyard, there are 292 rooms, eight suites, and six meeting rooms totaling 2,900 square feet. A Starbucks and Hertz Rent-a-Car are tenants. All three hotels have renovated lobbies.

Trustees Andrew L. Lewis, William Lee Lewis and Gertrude Lewis own the land.

In June, New York-based investors paid $42 million for the Sheraton Miami Airport Hotel, at 3900 Northwest 21st Street in Miami.