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

TRD 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
321 North Federal Highway and a rendering of the project (Credit: Google Maps)

Dania Beach approves Avid Hotel on Federal Highway

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Sleep Inn Miami Airport, Holiday Inn Express Miami Airport Central Miami, Gabriel Shamay and David M. Greenberg (Credit: Google Maps)

Amid supply surge, 2 hotels near MIA sell for $21M

Javier Rabinovich and 2301 Southwest 12 Avenue (Credit: Google Maps)

Privé Group snags hotel near Fort Lauderdale airport for $17M

Rendering of hotel addition at Sterling Building (Credit: Kobi Karp Architecture & Interior Design)

Sterling Building on Lincoln Road scores hotel approval

Michael Shvo Howard Wurzak and Michael Dell (Credit: Getty Images, iStock)

These were the top South Florida hotel sales of 2019

arrow_forward_ios
Loading...