Former Starwood exec drops $22M for Hilton hotel in Miramar

Miami /
Dec.December 18, 2019 09:45 AM
From left: Suril Shah, Barry Sternlich, and 14501 Hotel Road (Credit: Hilton)

From left: Suril Shah, Barry Sternlich, and 14501 Hotel Road (Credit: Hilton)

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.


Related Articles

arrow_forward_ios
Clockwise from lower left: John Cooper and Allen Morris from The Allen Morris Company and Stormont Hospitality and Camilo Lopez and Jorge Escobar from Black Salmon (Ander & Co)
AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach
AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
The Coconut Grove Playhouse and an aerial view of the land to be rezoned (Google Maps, Getty)
Miami commissioners approve West Grove bed-and-breakfast
Miami commissioners approve West Grove bed-and-breakfast
Gregory Galy of Mila restaurant with the Riverfront property. (Google Maps, LinkedIn via Galy)
Mila Group, partners plan hotel and restaurants on Miami River site
Mila Group, partners plan hotel and restaurants on Miami River site
Michael Dell and Major Food Group heads (from left) Rich Torrisi, Jeff Zalanick and Mario Carbone with a rendering of The Flamingo Grill at Boca Raton Resort & Club (Getty)
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
Baia Beach Club owners Michael Liebowitz, Perry Weitz and Russell Galbut. (Baia Beach Club via Facebook, Harbor Group Consulting, Weitz & Luxenberg)
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
(Photos courtesy of Hitzig Militello)
Argentine architecture firm opening first U.S. office in Miami
Argentine architecture firm opening first U.S. office in Miami
arrow_forward_ios

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

Loading...