Dallas firm buys Hyatt-branded hotel near Miami International Airport

MCR Hotels paid $17M for 135-room building

MCR Hotels CEO Tyler Morse and Hyatt Place Miami Airport-East at 3549 LeJeune Road (MCR Hotels, Google Maps)
MCR Hotels CEO Tyler Morse and Hyatt Place Miami Airport-East at 3549 LeJeune Road (MCR Hotels, Google Maps)

MCR Hotels picked up a Hyatt-branded property near Miami International Airport, doubling its South Florida portfolio.

An affiliate of Dallas-based MCR paid $16.6 million for the Hyatt Place Miami Airport-East at 3549 Le Jeune Road in Miami, records show. The deal breaks down to about $123,000 per key for the 135-room hotel.

Attorneys Michael Gallinar and Jason Camps with Miami-based law firm Adams Gallinar represented the seller, a joint venture between Coconut Grove-based Aztec Group and Raleigh, North Carolina-based Concord Hospitality.

Aztec and Concord had purchased the 1.1-acre site for $2 million in 2012, records show. The partnership completed the six-story hotel in 2015.

Led by CEO Tyler Morse, MCR’s $5 billion portfolio encompasses 148 hotels with more than 21,000 rooms across 37 states, according to the firm’s website. In Pompano Beach, MCR developed a Residence Inn by Marriott with 112 rooms in 2015 that the firm still owns, records show.

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South Florida’s lodging industry has stabilized since the pandemic started to subside last year. Over the last 12 months, tourism rose by 15.3 percent compared to last year. And Miami-Dade’s year-to-date occupancy rate hit 72.2 percent, a 6.5 percent increase compared to the same period of last year, according to state and county statistics.

The average daily room rate for 2022 was $251, up from $211 last year.

Amid major hotel deals of the past year, like the $232 million top sale of the Confidante Miami Beach, several smaller economy and business traveler lodging establishments also traded.

Last month, Highgate Capital Management sold a La Quinta Inn by Wyndham hotels in Palm Beach County for $13 million. In September, the Irving, Texas-based hospitality developer sold two other La Quinta properties near Miami International Airport for a combined $17 million.

Blackstone also sold a Hampton Inn property in Tamarac for $17.8 million in November.