Baywood scores $17M construction loan for Hilton near MIA

The Columbia, Maryland-based hotel investor secured the loan from Ocean Bank

TRD MIAMI /
Mar.March 27, 2019 04:00 PM

Home2Suites by Hilton (Credit: Booking.com)

An entity affiliated with Baywood Hotels closed on a $16.6 million construction loan to build a 134-room hotel near Miami International Airport.

Baywood Hotels is planning to build a Home2 Suites by Hilton on a 83,200-square-foot lot at 8852 Northwest 26 Street in Miami.

The developer secured the loan from Ocean Bank, a Miami-based community bank that is one of South Florida’s most active construction lenders.

Baywood Hotels recently filed a notice of commencement to begin construction on the project, property records show. DD&B Construction is the contractor for the project.

The Columbia, Maryland-based hotel management and development company, led by Amit Patel, bought the site for $3.6 million in December.

Baywood Hotels recently purchased a Red Roof Inn also near Miami International Airport for $13.1 million. The company owns and operates more than $1 billion in assets, according to its website.

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.


Related Articles

arrow_forward_ios
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Aman tower planned for Faena Versailles site in Miami Beach advances

Aman tower planned for Faena Versailles site in Miami Beach advances
Susan Gale and Variety Miami Beach

Miami Beach hotel facing foreclosure hits market for $37M

Miami Beach hotel facing foreclosure hits market for $37M
Art Basel 2019 (Credit: Art Basel)

How Art Basel Miami Beach’s cancellation will impact real estate

How Art Basel Miami Beach’s cancellation will impact real estate
777 North Ocean Drive, Hollywood (Credit: Google Maps)

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
President Trump and Mar-a-Lago Club (Credit: Joe Raedle/Getty Images, and Pete Marovich/Getty Images)

Trump faces $1.5M in Palm Beach County property taxes

Trump faces $1.5M in Palm Beach County property taxes
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
arrow_forward_ios

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

Loading...