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

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
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
Starwood CEO Barry Sternlicht, InTown Suites CEO Ash Kapur and 1071 NE 28th Avenue in Homestead (Getty, Google Maps)

Starwood scores $265M refi for portfolio of InTown, Uptown hotels

Starwood scores $265M refi for portfolio of InTown, Uptown hotels
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
arrow_forward_ios

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

Loading...