Regency Miami near Beckham’s planned soccer complex trades for $26M

The property includes a 176-key Regency Miami hotel, along with room for 350 units to be built on the surrounding land

Sep.September 12, 2019 08:45 AM
Regency Hotel Miami (Credit: Google Maps)

Regency Hotel Miami (Credit: Google Maps)

A company tied to Miami investor Orlando Padron has acquired a 3.8-acre hotel property near Miami International Airport and David Beckham’s planned soccer and retail complex.

OPB Capital Group Fund 1 LLC paid $25.8 million for the Regency Miami Hotel at 1000 Northwest 42nd Avenue. The seller was 10 Le Jeune Inc., led by Jose Vazquez.

Banesco USA provided the buyer with a $21 million loan.

The 176-room hotel sold for nearly $147,000 per key. It last sold for $10 million in 2003.

Raymond Fernandez of Florida Capital Realty brokered the off-market deal. Fernandez said the property is one of the largest parcels left in the area. Roughly 350 units could be built on the land surrounding the hotel, he said.

Fernandez said the hotel, which was built in the 1980s, will remain open.

Just south of the property, also on Le Jeune Road, Sergio Pino’s Century Homebuilders Group and Pactia USA are building 850 Le Jeune, a mixed-use project with about 230 apartments, and 200,000 square feet of office space on a 4-acre site.

It’s also near the Melreese Country Club, where David Beckham and Jorge Mas’ development group is planning to build Miami Freedom Park. That project would be anchored by a 25,000-square-foot soccer stadium for the group’s Major League Soccer team, as well as more than 1 million square feet of retail and office space and about 750 hotel rooms.

Related Articles

Christopher Nassetta and Doubletree by Hilton Doral managed by Driftwood Acquisitions and Development

Hilton CEO warns against ignoring global warming threat

Rattan Chadha, Executive Chairman & Founder of CitizenM

CitizenM scores $48M loan to build Brickell hotel

Placeholder image

Blackstone sells Weston hotel for $12M

Rendering of One Eleven Wynwood Hotel by Sonder and Eduardo Vargas, Andres Hogg and Andres Klein

Sonder inks lease for flagship Wynwood hotel

A conceptual rendering and Lon Tabatchnick

Margaritaville developer plans another Hollywood hotel despite opposition

Ambassador Hotel Cooperative Apartments (Credit: iStock)

Copperline Partners closes on bulk co-op deal in Palm Beach

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