Baywood Hotels sells Holiday Inn Doral, Staybridge Suites for $36M

Miami /
Feb.February 15, 2016 11:15 AM

Baywood Hotels has sold the Holiday Inn Doral and adjacent Staybridge Suites Miami for $36 million. 

Miami-Dade County records show that Baywood, an active investor and developer in South Florida, sold the hotels to Louisville, Kentucky-based Schulte Hospitality Group.

The Holiday Inn, at 3255 Northwest 87th Avenue, was developed in 1998 and renovated in February 2014. According to property records, the five-story, 129-key hotel sits on a 135,115-square-foot lot. It includes 80 parking spaces and a pool. Baywood bought the property out of foreclosure in 2012 for $17 million, which means the company made $19 million over four years.

The Staybridge, in the building next door, features 96 rooms. Included in the deal is a 12,320-square-foot driveway that wraps around a neighboring office building.

The acquisition adds to Schulte’s holdings in South Florida, which include a Hilton Garden Inn in Miramar. In June, Baywood sold the Holiday Inn Express in Doral, at 8346 Northwest 36th Street, to Schulte for $15.9 million. The company mortgaged both properties in July with $28 million in financing from Citigroup. Schulte owns and operates hotels across the U.S., such as Springhill Suites, Residence Inn, Courtyard and Sheraton.

Baywood bought the long vacant Keys Bay Colony Resort in the Florida Keys from the Peebles Corp. last year. The company, based in Greenbelt, Maryland with an office in Miami, owns the Homewood Suites in the Brickell area, which is set to open in April.

An earlier version of this story incorrectly identified the hotels that sold. The property that sold includes the Holiday Inn Doral and the Staybridge Suites Miami, not just the Holiday Inn. 


Related Articles

arrow_forward_ios
Clockwise from lower left: John Cooper and Allen Morris from The Allen Morris Company and Stormont Hospitality and Camilo Lopez and Jorge Escobar from Black Salmon (Ander & Co)
AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach
AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
The Coconut Grove Playhouse and an aerial view of the land to be rezoned (Google Maps, Getty)
Miami commissioners approve West Grove bed-and-breakfast
Miami commissioners approve West Grove bed-and-breakfast
Gregory Galy of Mila restaurant with the Riverfront property. (Google Maps, LinkedIn via Galy)
Mila Group, partners plan hotel and restaurants on Miami River site
Mila Group, partners plan hotel and restaurants on Miami River site
Michael Dell and Major Food Group heads (from left) Rich Torrisi, Jeff Zalanick and Mario Carbone with a rendering of The Flamingo Grill at Boca Raton Resort & Club (Getty)
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
Baia Beach Club owners Michael Liebowitz, Perry Weitz and Russell Galbut. (Baia Beach Club via Facebook, Harbor Group Consulting, Weitz & Luxenberg)
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
(Photos courtesy of Hitzig Militello)
Argentine architecture firm opening first U.S. office in Miami
Argentine architecture firm opening first U.S. office in Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...