Hialeah Holiday Inn sells to hospitality investors for $12M

Sale fetched local company more than $7M premium

Nov.November 23, 2015 12:45 PM

A group of hospitality investors just paid $12 million for a Holiday Inn-Express in Hialeah, marking the hotel’s second resale in more than 20 years.

Miami-Dade County property records show Burlington Hospitality Inc., a newly incorporated North Carolina company, purchased the hotel through a deed recorded Thursday.

The company, which financed its deal with a $9.5 million loan from Carter Bank & Trust, is managed by seven people: Jayesh N. Patel, Jay Bhakta, Hemanshu K. Patel, Anit S. Patel, Chiranjiv K. Jariwala, Sunil M. Patel and Nayan C. Patel.

They paid $82,191 per room for the 146-suite hotel, which was built in 1989 and is located at 6650 West 20th Avenue near the Palmetto Expressway. The seller is a local hotel company called Sound Hospitality, headed by Ben Castera, records show.

The company owns the Holiday Inn Hotel Coral Gables, which is the future site of the $172 million Paseo de la Riviera project. Sound Hospitality also recently sold a Holiday Inn in downtown Miami for a whopping $65 million where Brazilian developer Gilberto Bomeny plans to build a 77-story tower. Outside of Florida, the company owns hotels in Ohio, North Carolina and Virginia, according to its website.

Sound Hospitality paid only $4.55 million for the Hialeah hotel in 1992 — a price that breaks down to $31,164 per room. That means the firm raked in almost triple what it paid 23 years ago.

Holiday Inn-Express is a limited service chain owned by the InterContinental Hotels Group. It was first launched in 1991, and there are now nearly 2,400 brand locations throughout the world, according to IHG’s website.

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