Starwood buys Marriott-branded Springhill Suites hotel

The $30M deal breaks down to $195K per room for the property near Miami International

Sep.September 10, 2018 12:30 PM

SpringHill Suites Miami Airport South by Marriott and Barry Sternlicht

Starwood Capital Group bought a Marriott-branded hotel near Miami International Airport that underwent an extensive renovation a few years ago.

The firm purchase SpringHill Suites Miami Airport South for nearly $30 million, property records show.

The 150-key hotel at 6700 Northwest Seventh Street was sold by an entity tied to the lodging and hospitality real estate firm, Noble Investment Group of Atlanta. The deal breaks down to $195,000 per room.

Records show Noble paid $25.6 million for the hotel in 2014. At the time, the previous owner had just completed a comprehensive renovation. Records show it was built in 2002 on a nearly three-acre parcel near Miami International Airport.

The hotel features an outdoor pool, fitness center and meeting space. The property is just east of the showroom and retail center Miami International Merchandise Mart.

In April, Starwood sold the Margaritaville Hollywood Beach Resort for $190 million, as part of a joint venture with developer Lon Tabatchnick. Sternlicht’s firm also developed the 18-story 1 Hotel & Homes in South Beach with developer Richard LeFrak.

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