Baywood Hotels breaks ground on hotel near Trump Doral with $15M loan

Seller is managed by Diego Ribadeneira, reportedly an early investor of Bain Capital

TRD MIAMI /
Mar.March 27, 2017 11:35 AM

Baywood Hotels closed on a $15.4 million construction loan for a hotel it’s building near the Trump National Doral Miami resort, property records show. 

Baywood affiliate 36th Street Hospitality LLC just closed on the land and construction financing for the property at 8001 Northwest 36th Street in Doral. Gibralter Private Bank & Trust is the lender. The hospitality development and management firm also broke ground on the project, a 133-room Fairfield Inn & Suites by Marriott.

Vareka Investments N.V., an offshore entity based in the Lesser Antille island country of Curacao, sold a portion of the property to Baywood for an undisclosed amount. Diego Ribadeneira, reportedly an early investor of Bain Capital, manages the company and signed the deed transfer of ownership.

Baywood, which is based in Greenbelt, Maryland with an office in Miami, has been active in Miami-Dade. The company owns and operates a portfolio valued at more than $800 million, according to its website. In South Florida, its properties include the Fairfield Inn & Suites near Miami International Airport, the Hilton Garden Inn Miami South Beach-Royal Polo and the Residence Inn Miami Airport West/Doral, which is less than two miles away from the Fairfield site in Doral.

In February of last year, Baywood sold the Holiday Inn Doral and the adjacent Staybridge Suites Miami for $36 million. The firm picked up the long vacant Keys Bay Colony Resort in Marathon from the Peebles Corporation for $10.5 million in 2015.


Related Articles

arrow_forward_ios
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Aman tower planned for Faena Versailles site in Miami Beach advances

Aman tower planned for Faena Versailles site in Miami Beach advances
Susan Gale and Variety Miami Beach

Miami Beach hotel facing foreclosure hits market for $37M

Miami Beach hotel facing foreclosure hits market for $37M
Banyan Street Capital CEO Rudy Prio Touzet and the two towers (Credit: Google Maps)

Banyan Capital buys Doral office towers for $43M

Banyan Capital buys Doral office towers for $43M
Art Basel 2019 (Credit: Art Basel)

How Art Basel Miami Beach’s cancellation will impact real estate

How Art Basel Miami Beach’s cancellation will impact real estate
777 North Ocean Drive, Hollywood (Credit: Google Maps)

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
President Trump and Mar-a-Lago Club (Credit: Joe Raedle/Getty Images, and Pete Marovich/Getty Images)

Trump faces $1.5M in Palm Beach County property taxes

Trump faces $1.5M in Palm Beach County property taxes
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
arrow_forward_ios

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

Loading...