Baywood scores $31M loan to build hotel near Miami International Airport

Baywood bought the property in July for $10.5M

Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)
Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Baywood Hotels scored a $31.3 million construction loan for the site of a building shell that has sat empty near Miami International Airport for years.

Two companies tied to Columbia, Maryland-based Baywood secured the loan from Banesco USA to build a 218-room hotel at 1101 Northwest 57th Avenue, records show. Baywood secured a notice of commencement with the county in June to start building the project.

Nearly a year ago, Baywood paid $10.5 million for the 1.4-acre property. The site had been home to a building shell that was formerly a nine-story hotel constructed in 1972.

Baywood’s hotel will be built inside the Waterford at Blue Lagoon office park, where Airbus, FedEx and Burger King all have offices.

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Weiss Group of Companies is also planning to build a mixed-use development at Blue Lagoon with 882 apartments and two hotels totaling 433 rooms.

Baywood is an active hotel developer in South Florida, with a number of properties near Miami International Airport.

Last year, Baywood paid $13.1 million for a Red Roof Inn east of Miami International Airport at 3401 Northwest 42 Avenue. The firm also closed on a $16.6 million construction loan last year to build a 134-room Home2 Suites by Hilton on the west side of the airport at 8852 Northwest 26th Street.