British firm pays $49M for Pullman Miami Airport hotel

Laurus Corp. sold the 281-room property for $173K per key

TRD MIAMI /
Jan.January 14, 2019 10:34 AM

Richard Livingstone and the Pullman Miami Airport hotel (Credit: Getty Images)

London + Regional Properties paid $48.65 million for the Pullman Miami Airport hotel.

Los Angeles-based Laurus Corp. sold the 281-room hotel at 5800 Blue Lagoon Drive, property records show. The buyer, a London-based real estate and investment firm, purchased the property without ties to a management agreement but plans to keep the Pullman brand for a year, according to HFF. The hotel is one of two Pullmans in the U.S. The other is in San Francisco.

Laurus completed a multimillion-dollar renovation of the hotel in 2016 that converted it from a Sofitel to a Pullman. It was built in 1986 on a 10-acre site in the Blue Lagoon office park. The hotel features 18,500 square feet of meeting and event space, a pool, tennis courts, a fitness center, business center and two food and beverage concepts.

HFF’s Alexandra Lalos, Tony Malk and Daniel Peek represented the seller, according to a release.

The hotel last sold for $22.3 million in 2012, property records show.

The buyer, L+R, owns more than 17,000 hotel rooms worldwide, including the London Hilton on Park Lane, Trafalgar Hilton, Nobu Ibiza and Marriott Grand Cayman, the release said. The company, founded by billionaires Richard and Ian Livingstone in 1987, has a portfolio exceeding £9 billion.

AccorHotels, a French hospitality company, owns the Pullman brand.


Related Articles

arrow_forward_ios
Faena Hotel Miami Beach and Eau Palm Beach (Faena, Eau Palm Beach)

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds
Shelborne South Beach

Shelborne South Beach unit owners lose appeal contesting $30M in assessments

Shelborne South Beach unit owners lose appeal contesting $30M in assessments
From left: The Fontainebleau Miami Beach, Shore Club and Clevelander South Beach 

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market
Clevelander South Beach

Party’s over: Clevelander South Beach closes after employee tests positive for Covid

Party’s over: Clevelander South Beach closes after employee tests positive for Covid
Lennox Miami Beach

Lennox Miami Beach hotel exec sues father-in-law for ousting him: lawsuit

Lennox Miami Beach hotel exec sues father-in-law for ousting him: lawsuit
citizenM founder Rattan Chadha, Russell Galbut and a rendering of 1212 Lincoln

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project
1 Hotel South Beach (Credit: Google Maps)

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement
Ziel Feldman and Richard Branson with renderings of the Shore Club (Credit: Getty Images)

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished
arrow_forward_ios

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

Loading...