Hotel sales still hot: Days Inn near Miami International Airport trades for $18M

Wellesley Hills, Massachusetts-based Global Vision Hotels acquired 103-key property

Days Inn Near Miami International Airport Trades For $18M
Global Vision Hotels President Guatam Sharma and Days Inn by Wyndham Miami International Airport at 7250 Northwest 11th Street (Google Maps, LinkedIn)

A Massachusetts-based hotelier picked up a Days Inn by Wyndham near Miami International Airport for $17.7 million, amid a rash of year-end hotel sales.

An affiliate of Global Vision Hotels, a hospitality-focused real estate investment firm in Wellesley Hills, Massachusetts, picked up the 103-room property at 7250 Northwest 11th Street, records show. The deal breaks down to $171,844 per key. 

Global Vision partially financed the purchase with a $10 million mortgage from U.S. Century Bank. 

The seller, an entity managed by Allan and Barry Cohen in Miami, paid $550,000 in 1974 for the four-story hotel completed in 1973, records show. 

Global Vision, led by President Guatam Sharma, owns seven hotels with a combined 687 rooms in Massachusetts, Minnesota and Indiana, according to the firm’s website. 

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

A handful of hotel trades in December had South Florida’s hospitality market sizzling. In West Palm Beach, Miami-based Activate Hospitality paid $23.8 million for a Holiday Inn at 1301 Belvedere Road and an adjacent development site, in a bankruptcy sale. Activate plans to renovate and rebrand the 199-key hotel into the Delta by Marriott West Palm Beach. The buyer does not have formal plans for the development site yet. 

In another West Palm Beach hotel deal, a Marriott-branded property sold for $20.5 million. Midwest Hospitality Group, also known as MHG Hotels, acquired the 103-room hotel on 2.5 acres at 1800 Centrepark Drive East. The buyer also obtained a $17.5 million mortgage from Abanca USA.

Also last month, Chicago-based real estate investor George Nediyakalayil paid $29 million for Even Hotel Miami – Airport, a 190-room property at 2499 Northwest 25th Street in Miami. State Bank of Texas provided Nediyakalayil with an $18.6 million loan to partially finance the purchase. 

In Plantation, a Michigan-based joint venture acquired a La Quinta Inn & Suites By Wyndham. Thrive Hospitality Group and Mid America Lodging Group paid $14.5 million for the 104-key hotel at 7901 Southwest Sixth Street.