Former actor sells Miami Gardens hotel for $6M

The seller bought the property in 2008 for the same price Story type: News

Miami /
Dec.December 10, 2020 11:30 AM
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)

Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)

A former actor sold a 103-room hotel in Miami Gardens for $6 million.

Good Night Inn and Suite Baymeadow 770 LLC, a company affiliated with hotelier Yuval Fishman, bought the Hotel Roma Golden Glades Resort at 16805 Northwest 12th Avenue, The Real Deal has learned. The price equates to $58,252 per room.

The sellers are companies affiliated with Francisco Martinez Celeiro, who acted in spaghetti western films under the name George Martin, and now runs the Miami-based Pegaso property management company with his son, Francisco Martinez-Miyashiki.

Ahmed Kabani of Marcus & Millichap listed the property and secured the buyer, according to a press release.

The buyer intends to renovate and upgrade the hotel, according to the release. The property improvement plan is expected to cost about $10,000 to $15,000 per key, or $1 million to $1.5 million in total.

The four-story Hotel Roma is on 4 acres. An online listing gives the average daily rate as $94 and said the building was constructed in 1973 with a renovation in 2016.

The Martinez family bought the Hotel Roma in 2008 for $6 million, the same as the selling price.

Earlier this year, the buying entity sold the 109-room America’s Best Inn at 8220 Dix Ellis Trail in Jacksonville for $3.2 million, according to records.

Despite the pandemic’s impact on the hotel industry, deals are still getting done in South Florida. Italian luxury house Bulgari plans to open its first hotel in the U.S. in Miami Beach after redeveloping the 100-room Seagull Hotel. And the Goodtime Hotel, a 266-room hotel on Washington Avenue built by developer Eric Birnbaum, hospitality mogul David Grutman and singer and producer Pharrell Williams, is set to open early next year.






    Related Articles

    arrow_forward_ios
    An aerial photo of Boca Lago Golf & Country Club (Google Maps, iStock)
    Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
    Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
    Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
    Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
    Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
    Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
    Related to partner with Baccarat on major Brickell high-rise development
    Related to partner with Baccarat on major Brickell high-rise development
    Deepak Khosa and Aaron Kurlansky with 123 Ocean Avenue, Palm Beach Shores (Google Maps, iStock)
    Deepak Khosa closes on distressed hotel on Singer Island, plans to convert to multifamily
    Deepak Khosa closes on distressed hotel on Singer Island, plans to convert to multifamily
    Ocean Bank CEO A. Alfonso Macedo and 4238 to 4242 Northwest Seventh Street (Google Maps)
    Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
    Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
    Valerio Spinaci and 1506 Collins Avenue (Google Maps)
    Casa Hotels buys boutique South Beach hotel for $8M
    Casa Hotels buys boutique South Beach hotel for $8M
    Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
    Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
    Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
    From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
    South Florida’s biggest real estate stories of 2020
    South Florida’s biggest real estate stories of 2020
    arrow_forward_ios

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

    Loading...