Baywood buys Red Roof Inn near MIA

Miami's hotel market continues to remain strong due to growing tourism

TRD MIAMI /
Mar.March 25, 2019 04:30 PM

Red Roof Inn at 3401 NW 42 Avenue

Baywood Hotels paid $13.1 million to buy a Red Roof Inn near Miami International Airport, amid a growing hotel market.

The Maryland-based company bought the 200-room hotel at 3401 Northwest 42nd Avenue for $65,500 per room from Ontario, Canada-based Westmont Hospitality Group.

Westmont Hospitality Group previously paid $7.35 million for the 83,765-square-foot building in 1996, records show.

Miami’s hotel market has remained strong due to growing tourism. In the past five years, hotel rooms in Miami-Dade County increased 17 percent to 57,154, according to a recent report from the Miami Downtown Development Authority.

Baywood Hotels owns and operates more than $1 billion in assets and is active in South Florida. Led by Amit Patel, the company sold a 135-room Quality Inn in Doral for about $103,000 per key late last year, records show.

In February of 2016, Baywood sold the Holiday Inn Doral and the adjacent Staybridge Suites Miami for $36 million. The firm also bought the long-vacant Keys Bay Colony Resort in Marathon from the Peebles Corp. for $10.5 million in 2015.

Miami International Airport has seen a number of new hotels go up nearby. Last summer, Riviera Point Development Group secured a $16.5 million construction loan from Centennial Bank to help finance construction of a 155-key Radisson Red hotel at 3401 Northwest 25th Street.


Related Articles

arrow_forward_ios
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
From left: 1900 Collins Avenue (Top), 229 19th Street, 1925 Liberty Avenue and 227 19th Street (Credit: Google Maps)

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law
Jeff Ardizon and Robert Suris with 950 West 49th Street, Hialeah

Estate Companies buys shuttered Hialeah Ramada for $15M

Estate Companies buys shuttered Hialeah Ramada for $15M
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
arrow_forward_ios

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

Loading...