British firm pays $49M for Pullman Miami Airport hotel

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

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.

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