Baywood sells Quality Inn Miami Airport for $14M

135-room hotel sold for $103K per key

Miami /
Dec.December 21, 2018 12:30 PM

Quality Inn Miami Airport (Credit: iStock)

A Quality Inn-branded hotel in Doral just traded hands for $13.9 million, property records show.

A company led by investors Michel and Salvatore Ciniglio and Antonio Pecorelli purchased the three-story Quality Inn Miami Airport at 3959 Northwest 79th Avenue. Records show the buyers financed the deal with a $9.1 million loan from Ocean Bank.

Doral Hospitality Inc., which is tied to Baywood Hotels’ Amit Patel, sold the 135-room hotel for about $103,000 per key. Records show the Columbia, Maryland-based company purchased the hotel in 2004 in two separate payments amounting to about $3.7 million. It was built in 1990.

In October, a company affiliated with Baywood filed plans to build a Residence Inn by Marriott near Miami International Mall in Doral, according to the South Florida Business Journal. In 2016, Baywood sold the Holiday Inn Doral and the adjacent Staybridge Suites Miami for $36 million.

A number of hotels are underway near Miami International Airport. Earlier this year, Steven Marin and Michael Pfeffer broke ground on an eight-story Comfort Inn & Suites along Northwest 36th Street.

Riviera Point Development Group is building a 155-key Radisson Red hotel nearby, using EB-5 funding. The project is expected to open in the second quarter of next year.


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)

Blackstone pays $21M for Doral industrial dev site

Blackstone pays $21M for Doral industrial dev site
Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)

Axonic Properties pays $37M for bulk purchase of Doral condos

Axonic Properties pays $37M for bulk purchase of Doral condos
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)

Costco sells site near Doral to Trammell Crow for $19M

Costco sells site near Doral to Trammell Crow for $19M
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)

South Florida’s biggest real estate stories of 2020

South Florida’s biggest real estate stories of 2020
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)

Here are South Florida’s biggest hotel sales in 2020

Here are South Florida’s biggest hotel sales in 2020
The Gale Hotel with Harvey Hernandez

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)

Former actor sells Miami Gardens hotel for $6M

Former actor sells Miami Gardens hotel for $6M
arrow_forward_ios

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

Loading...