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
From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

Russell Galbut wants to sell another Miami Beach hotel

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Hotel Morrison (Credit: iStock)

Hospitality firm buys new Hotel Morrison in Dania Beach for $28M

John Lancet of HVS and John Chang of Marcus Millichap

As hotel development ramps up, occupancy and revenue growth soften: report

The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

8150 NW 64th Street and Longpoint Realty Managing and Founding Partner Dwight Angelini (Credit: Google Maps)

Longpoint Realty picks up warehouse near MIA

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

arrow_forward_ios