A former executive of Starwood Capital Group struck a deal with his former employer to buy the Hilton Garden Inn in Miramar for $22 million.
Riller Capital, a Philadelphia-based private equity firm led by Suril Shah, purchased the 149-key hotel at 14501 Hotel Road for $147,651 per key, records show. The property was built in 2003 and totals 82,393 square feet.
A company tied to Starwood Capital sold the hotel.
Riller Capital secured a $64 million loan to acquire the property, records show. The hotel was last purchased by Starwood Capital for $22.1 million in 2015, records show.
Shah formerly led Starwood Capital’s U.S. Hotel Acquisitions team and U.S. Hotel Asset Management team that had a portfolio valued at over $11 billion, according to Riller Capital’s website. From 2016 to 2018, Shah also served as president of SH Hotels & Resorts, a hotel brand management company that operates 1 Hotels, Baccarat Hotels and SH Collection properties.
Shah founded Riller Capital earlier this year. The firm focuses on buying hotels priced between $10 million and $50 million. Starwood Capital is a Miami Beach-based investment firm that is led by CEO Barry Sternlich.