The Real Deal Miami

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

Property has been owned by four REITS in the past
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.