Atlanta firm picks up Element Miami hotel near airport

Hurricane Irma delayed the closing by about two weeks

Miami /
Sep.September 27, 2017 02:00 PM

Norwich Partners just sold the Element Miami International Airport hotel to Peachtree Hotel Group.

The five-story, 209-key hotel at 3525 Northwest 25th Street sold for $22 million, Norwich managing member David Leatherwood told The Real Deal. HFF’s Alexandra Lalos, Denny Meikleham and Alan Suzuki brokered the sale. The brokerage declined to provide a closing price for the extended-stay hotel.

The sale is the first for an airport-area hotel in about a year, according to Lalos. HFF received interest from more than 120 firms, including hotel operators, local investors, real estate investment trusts and hotel companies out of New York, Lalos said.

The $22 million deal breaks down to about $105,300 per suite. Hurricane Irma caused minor damage to the landscaping, delaying the closing by about two weeks, Meikleham said. It hit the market about five months ago.

Norwich paid $3.6 million for the 5.38-acre site in 2008 and completed the hotel in 2012. The suites feature kitchens and workspaces, and the property includes a fitness center, pool, business center and outdoor courtyard. It’s about two miles away from Miami International Airport. It will remain an Element hotel, according to HFF. The Starwood brand is now owned by Marriott International.

The Norwich fund that sold the hotel was ending this year, Leatherwood said. The company recently completed an AC Hotel at Aventura ParkSquare and will deliver a nearby Aloft in the first quarter of 2018.

Atlanta-based Peachtree owns hotels in Florida, Alabama, Georgia, South Carolina, Indiana and other states. Patrick O’Neil, president of the hospitality management arm, could not immediately be reached for comment.


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
arrow_forward_ios

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

Loading...