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.
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.