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

Baywood bought the property in July for $10.5M

Miami /
Jun.June 17, 2020 12:30 PM
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.

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.


Related Articles

arrow_forward_ios
Shore Park building with Gloria and Emilio Estefan (Douglas Elliman, Getty)
Ocean Drive property owned by Gloria and Emilio Estefan lists for $45M
Ocean Drive property owned by Gloria and Emilio Estefan lists for $45M
Ronny Finvarb and a rendering of the hotel (GEK Architecture)
Miami Beach residents rally against proposed hotel in Sunset Harbour
Miami Beach residents rally against proposed hotel in Sunset Harbour
Joseph Chetrit and a rendering of the Collins Park project (Getty, Kobi Karp)
Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach
Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach
Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Setai Miami Beach and owners Joe, Ralph and Avi Nakash. (Setai)
Setai Miami Beach bans unwelcome hotel guest from using amenities: lawsuit
Setai Miami Beach bans unwelcome hotel guest from using amenities: lawsuit
Russell Galbut and a rendering of the project (Studio MCG Architecture)
Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
Ronny Finvarb with a rendering of 1790 Alton Road (GEK Architecture)
Miami Beach to prohibit hotels in Sunset Harbour? Zoning overhaul could derail Ronny Finvarb’s project
Miami Beach to prohibit hotels in Sunset Harbour? Zoning overhaul could derail Ronny Finvarb’s project
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
arrow_forward_ios

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

Loading...