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.
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.