Baywood buys Red Roof Inn near MIA

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

Red Roof Inn at 3401 NW 42 Avenue
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.

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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.