Atlanta firm picks up Element Miami hotel near airport

Hurricane Irma delayed the closing by about two weeks

TRD MIAMI /
Sep.September 27, 2017 02:00 PM

Element Miami International Airport and Patrick O’Neil, president of Peachtree Hospitality Management

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
Alitza Weiss, principal of Weiss Group of Companies and a rendering of Towers at Blue Lagoon

Weiss Group scores $21M loan for mixed-use project near MIA

Weiss Group scores $21M loan for mixed-use project near MIA
Four Seasons Hotel Miami at 1435 Brickell Avenue (Credit: Averette/Wikipedia)

Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds

Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds
5900 Northwest 176th Street (Credit: Google Maps)

Mac Papers inks deal, sells warehouse near MIA for $15M

Mac Papers inks deal, sells warehouse near MIA for $15M
2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

Office complex near Fort Lauderdale airport sells for $7M
Sleep Inn Miami Airport, Holiday Inn Express Miami Airport Central Miami, Gabriel Shamay and David M. Greenberg (Credit: Google Maps)

Amid supply surge, 2 hotels near MIA sell for $21M

Amid supply surge, 2 hotels near MIA sell for $21M
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
Scott Wadler

Movers & Shakers: Scott Wadler joins Berkadia as managing director & more

Movers & Shakers: Scott Wadler joins Berkadia as managing director & more
8150 NW 64th Street and Longpoint Realty Managing and Founding Partner Dwight Angelini (Credit: Google Maps)

Longpoint Realty picks up warehouse near MIA

Longpoint Realty picks up warehouse near MIA
arrow_forward_ios

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

Loading...