The Real Deal Miami

Developer begins construction on airport hotel with $20M loan

Hotelex is building 165-room hotel with extended stay suites
The two apartment properties being redeveloped into a hotel and William Hammani, CEO of the Hotelex Group

The two apartment properties being redeveloped into a hotel and William Hammani, CEO of the Hotelex Group

A Venezuelan developer just scored more than $20 million in financing to build a hotel near Miami International Airport.

The financing, which was recorded in Miami-Dade County property records Tuesday, was issued by lender Banesco USA. It covers two properties: 4033 and 4021 Northwest 11th Street, which currently house a pair of small, 1950’s-era apartment buildings with 44 units.

Hotelex Airport LLC, which is linked to William Hammani of the Hotelex Group, paid $4.5 million for both properties in June of last year. The company evicted a handful of tenants who were behind on rent, according to court documents.

Together the properties measure just under one acre of land. They’re also next door to a Fairfield Inn & Suites and a Marriott hotel compound.

Hammani’s company signed a utilities agreement with the county’s water and sewer department earlier this year, and filed notice of construction work Tuesday. Activity on the site should begin soon — the notice is void if work doesn’t begin within 90 days.

Documents show Hotelex plans to build a 165-room hotel with extended stay suites and amenities, though further details are not yet available.

The company also picked up a 30,000-square-foot site in West Brickell last year, though it has yet to show any development activity.

Hammani, who is the CEO of Hotelex, recently relocated from Venezuala. He also heads a company called Ferre X, a wholesaler of faucets, lighting fixtures and electric tools. Besides its headquarters in Venezuela, the firm also has offices in Miami and China.