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Miami developer buys Doral hotel for $8.5M
A Marriott-branded hotel in Doral that was lost to foreclosure has just been acquired by a Miami-based developer for $8.5 million.
The hotel, at 10505 Northwest 36th Street, is split between two four-story buildings with a combined 94 rooms.
Just as the real estate market began to decline in 2007, an affiliate of the Texas-based Moody Companies paid $9.5 million for the TownePlace Suites in Miami.
Then, in 2011, the affiliate company lost a $24.13 million foreclosure judgment on the hotel to U.S. Bank. The bank took control of the property through a holding company, and rode out the market until this week when it sold the hotel to an LLC linked to Miami-based Mast Capital. The developer took out a $9.8 million loan with BankUnited to finance the deal.
The deal breaks down roughly to $90,425 per room. Compared to the last sale in 2007, its price has come full circle.
Mast, which has its offices in Miami Beach, is a real estate investment and development company. The firm is developing Louver House, a boutique condo building in South Beach with 12 units, and has a long history of purchasing property in South Florida.